3AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
Acceptance and Continuance of Client Relationships
Assignment of Engagement Teams
SCOPE
AU-C 220 addresses:
- Specific responsibilities of the auditor regarding quality control standards for an audit of financial statements
- Responsibilities of the engagement quality control reviewer
- Supervision of an audit
Quality control is the responsibility of the audit firm. (AU-C 220.01)
DEFINITIONS OF TERMS
Source: AU-C 220.09. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Engagement partner, Engagement quality control review, Engagement quality control reviewer, Engagement team, Firm, Monitoring, Network, Network firm, Partner, Personnel, Professional standards, Relevant ethical requirements, Staff, Suitably qualified external person.
OBJECTIVE OF AU-C SECTION 220
AU-C Section 220.08 states that:
The objective of the auditor is to implement quality control procedures at the engagement level that provide the auditor with reasonable assurance that
- the audit complies with professional standards and applicable legal and regulatory requirements and
- the auditor’s report issued is appropriate in the circumstances. ...
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