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Wiley Practitioner's Guide to GAAS 2023, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

by Joanne M. Flood
April 2023
Intermediate to advanced content levelIntermediate to advanced
1056 pages
34h 59m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2023, 2nd Edition

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

TECHNICAL ALERT

See the preface to this volume for information on SAS 146. SAS 146 will replace SAS 122 as the basis of the guidance for AU-C 220. It is effective for engagements conducted under GAAS for periods beginning on or after December 15, 2025.

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.

OBJECTIVES OF AU-C 220

AU-C Section 220.08 states that:

The objective of ...

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Publisher Resources

ISBN: 9781394152704Purchase Link