December 21, 2007, letter commenting on the IAASB's July 2007 Exposure Drafts: "ISA 220, Quality Control for an Audit of Financial Statements and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements"
Published: Dec 21, 2007. Publicly Released: Dec 21, 2007.
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Highlights
(1)ISA 220, Quality Control for an Audit of Financial Statements; (2)ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. This represents the International Auditing and Assurance Standards Board's (IAASB) efforts to clarify the quality control standards and guidance and thereby enhance the quality of auditors' work. IAASB's decision to redraft ISQC 1 in conjunction with ISA 220 addresses important quality control considerations.