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Quality Control for Audits of Historical Financial Information PSA 220…

- - - - Responsible for the overall
        audit engagement he is assigned
      - sets example regarding audit quality to other members of engagement teams through
      - performing work that complies with professional standards and regulatory and other requirements
      - compliance with firm's quality control policies and procedures
      - Issuing auditor's report appropriate for the circumstance
      - RESPONSIBILITIES
        
        Direction
        
        Supervision
        
        Performance
      - CONSULTATION
        
        Responsible for the engagement team undertaking appropriate consultation on difficult or contentious matters
        
        Satisfied that members of the engagement team have undertaken appropriate consultation
        
        Satisfied that the nature and scope of, and conclusions resulting from, such consultations are documented and agreed with the party consulted
        
        Determine that conclusions resulting from consultations have been implemented
      - ENGAGEMENT QUALITY CONTROL AND REVIEW
        
        For audits of financial statements of listed entities, engagement partner should:
        
        Determine that an engagement quality control has been appointed
        
        Discuss significant matters arising during the audit engagement
        
        Not issue the auditor’s report until the completion of the engagement quality control review
        Should include an objective evaluation of:
        (a) significant judgments
        (b) conclusions reached
  - - - implement quality control procedures that are applicable to the audit engagements
      - provide relevant information for functioning of the firm's quality control system relating to independence
      - are entitled to rely on firm's system, unless suggested otherwise
      - ASSIGNMENT
        
        An understanding of professional standards and regulatory and legal requirements
        
        Appropriate technical knowledge, including knowledge of relevant
        information technology
        
        Knowledge of relevant industries in which the client operates
        
        Ability to apply professional judgment
        
        An understanding of the firm’s quality control policies and procedures
      - DIFFERENCES OF OPINION
        
        should follow firm's policies and procedures
  - - - MONITORING
        
        considers the results of the monitoring process whether:
        
        Deficiencies noted may affect the audit engagement
        
        The measures the firm are sufficient in the context of that audit