It takes into account recent developments, in particular the impact of the International Auditing and Assurance Standards Board’s (IAASB’s) clarified version of International Standard on Quality Control 1 (ISQC 1) Quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements. This redrafted standard became effective as of 15 December 2009 but for many is only now starting to impact on operations.
This guide is intended to be of particular help to smaller firms, including sole practitioners and those firms with only one or two audit engagement partners. It concentrates on the ISQC 1 requirements on quality control for firms rather than the International Standard on Auditing (ISA) 220 requirements for individual audit engagements.
This guide does not give specific coverage to the application of ISQC 1 to engagements other than audit engagements, although we believe that many matters covered will also be relevant to other engagements performed by firms. It should be noted that the standard’s scope extends to reviews of financial statements, and other assurance and related services engagements.
