ACCA and CA ANZ joint response supports the IAASB’s efforts to continuously improve audit quality. How audit firms manage audit quality is a key component to achieving audit quality.
However, as stated in our submission on ISQM 1, any changes to the process by which firms manage quality, including engagement quality reviews must be evaluated in terms of benefits delivered balanced again the costs of implementation and ongoing maintenance by firms. We are generally supportive of the proposals to clarify the role of the engagement quality reviewer and how engagement quality reviews should be performed.
To read in full, please download the consultation response.
