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Quality Management (Firm Level)

Quality Management (Firm Level). Karin French, Quality Control Task Force Chair IAASB Meeting, New York Agenda Item 5 June 21, 2018. Structure of the Standard. Structure of the Standard. Paragraph References for IAASB Discussion Requirements: 6 – 6B. Question 2:

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Quality Management (Firm Level)

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  1. Quality Management (Firm Level) Karin French, Quality Control Task Force Chair IAASB Meeting, New York Agenda Item 5 June 21, 2018

  2. Structure of the Standard

  3. Structure of the Standard Paragraph References for IAASB Discussion Requirements: 6 – 6B Question 2: The IAASB is asked to share its views regarding: (a) The proposed reordering of the components in proposed ISQC 1 (Revised). (b) How the quality risk assessment and the components have been described in paragraphs 6–6B of Agenda Item 5–A, including whether the interconnectedness of the components is clear.

  4. Question: Are Quality Risks Required for All Prescribed Reponses? Option A: The firm is required to identify quality risks for all of the required responses (essentially “backfilling” the quality risks) Establish quality objectives QO C QO A QO B Identify quality risks QR A QR E QR B QR C QR D QR F Resp. B Design and implement responses Resp. A Resp. D Resp. G Resp. C Resp. E Resp. F

  5. Question: Are Quality Risks Required for All Prescribed Reponses? Option B: The firm does not need to have a related quality risk for every required response, i.e., there are some responses that the firm merely implements) Establish quality objectives QO C QO A QO B Identify quality risks QR A QR E QR D QR F Resp. B Design and implement responses Resp. A Resp. D Resp. G Resp. C Resp. E Resp. F

  6. Examples of Quality Risks for Prescribed Reponses for Monitoring and Remediation

  7. The Firm’s Risk Assessment Process Paragraph References for IAASB Discussion Requirements: 18A – 19D Question 3: The IAASB is asked to share their views on the changes proposed in paragraphs 18A–19D of Agenda Item 5–A, including whether the IAASB: (a) Agrees with the QCTF’s conclusion that the standard should be more explicit that the quality objectives are all-inclusive, and reduce the focus on the need for the firm to identify additional or more granular quality objectives. (b) Is of the view that the firm is expected to identify quality risks for all prescribed responses, as explained in paragraph 21.

  8. Monitoring and Remediation Paragraph References for IAASB Discussion Requirements: 44 – 58 Question 4: Does the IAASB agree with the revisions to the monitoring and remediation component in paragraphs 44–58 of Agenda Item 5–A? Question 5: Do the proposed revisions to paragraph 57 of Agenda Item 5–A clarify the expectations of firm leadership in evaluating the SOQM, and are these expectations reasonable in the context of the responsibilities of firm leadership?

  9. Introduction of ISQC 1 (Revised) Paragraph References for IAASB Discussion Requirements: 2A – 7 • Question 1: • The IAASB is asked to share their views regarding: • The purpose statement in paragraph 2A of proposed ISQC 1 (Revised), including the appropriateness of referring to the spirit of professional standards. • The revisions to the introductory material addressing the role of professional judgment in the context of an SOQM (see paragraph 5 of Agenda Item 5–A).

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