Quality management - ACCA Advanced Audit and Assurance (AAA)
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K
KimTutor·
Please ask questions on the relevant tutor forum https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-advanced-audit-and-assurance-aaa-exams - a "comment" space is for comment only.
OpenTuition lectures accompany OpenTuition notes available here https://opentuition.com/acca/aaa
K
KimTutor·
ISQC 1 concerns the QC requirements for every firm/practice – whether it has two partners or fifty partners and whether it has a handful of audit clients or hundreds of audit clients must have a SYSTEM of quality control.
ISA 220 concerns the quality controls to be applied to the conduct of each individual audit/review engagement. These will be specific to each individual engagement.
M
msk29·
Hello!
My query is: what is the difference between individual audit assignments (as per ISA 220) and firm (as per ISQC 1)?
OpenTuition lectures accompany OpenTuition notes available here https://opentuition.com/acca/aaa
ISA 220 concerns the quality controls to be applied to the conduct of each individual audit/review engagement. These will be specific to each individual engagement.
My query is: what is the difference between individual audit assignments (as per ISA 220) and firm (as per ISQC 1)?
Thank you.