3AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards

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

  1. the audit complies with professional standards and applicable legal and regulatory requirements and
  2. the auditor's report ...

Get Wiley Practitioner's Guide to GAAS 2022 now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.