CHAPTER 8
THE WIDER FRAMEWORK: ASSURANCE, OTHER ENGAGEMENTS, AUDIT QUALITY AND QUALITY CONTROL
Covering: International Framework for Assurance Engagements, ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing, ISAE 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
Standard-setting and the Preface to the International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements.
ISQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, ISA 220 Quality Control for an Audit of Financial Statements.
Why do I need to read this section?
Understanding how auditing standards are developed and the overall framework for assurance and non-assurance engagements really does help students understand how they work. Examiners are gaining confidence in setting questions on assurance outside audits and reviews of historical financial statements, because it is a rapidly growing area.
Terms such as ‘subject matter information’ and ‘suitable criteria’ are not very friendly but the area is not really so complicated and the terms can be legitimately applied to all assurance engagements, including audits of historical financial information. For these reasons it is worth learning them.
Quality control is often relevant to questions dealing with areas such as engagement ...
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