New implementation guide for ISA 220

15 March 2022
Auditing and Assurance
South African Accounting Academy

This non-authoritative First-time Implementation Guide may help stakeholders understand the requirements of the International Standard on Auditing (ISA) 220, Quality Management for an Audit of Financial Statements, and implement the standard in the manner intended.

Early preparation for the implementation of our Quality Management standards is critical to successfully implementing a new quality management system that is compliant with our standards. This new implementation guide for ISA 220, Quality Management for an Audit of Financial Standards, can help you work through the implementation process and create quality management systems that are adaptable in an ever-changing environment.

ISA 220 (Revised) focuses on quality management at the audit engagement level and requires the audit engagement partner to actively manage and take responsibility for the achievement of quality, especially through sufficient and appropriate involvement throughout the engagement and adherence to the firm’s policies or procedures and the requirements of ISA 220 (Revised).

Click here to download the Implementation Guide:

https://www.ifac.org/system/files/publications/files/IAASB-ISA-220-first-time-implementation-guide.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services.
You need to implement the new Quality Management Standards (including the Revised ISA220) by 15 December 2022, and thus you need knowledge of relevant implementation guides.
ISA 220 (Revised) focuses on quality management at the audit engagement level and requires the audit engagement partner to actively manage and take responsibility for the achievement of quality, especially through sufficient and appropriate involvement throughout the engagement and adherence to the firm’s policies or procedures and the requirements of ISA 220 (Revised).

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