The international auditing and assurance standards board (IAASB) of the International Federation of Accountants in February issued a revised international standard on auditing (ISA).
The board also issued two quality control standards directed to both audit firms and engagement teams. The first, International Standard on Quality Control 1 (ISQC1), establishes a firm's responsibility to set up and maintain a system of quality control for all audit and assurance engagements (www.ifac.org/store/details.tmpl?sid=10779265383791012). The second, ISA 220, Quality Control for Audits of Historical Financial Information, establishes standards for the specific responsibilities of firm personnel for an individual audit engagement, based on the quality control requirements in ISQC1 (www.ifac.org/store/details.tmpl?sid=10779266883791114). Both quality control standards are effective June 15, 2005.
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|Publication:||Journal of Accountancy|
|Date:||May 1, 2004|
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