Quality control in the audit environment - international edition
This publication is an international version of the ICAEW Audit and Assurance Faculty guide on quality control for audit firms issued in September 2010.
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 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.