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ACCA F8 Quality ISA 220

VIVA

 

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  1. Great lectures. Thank you!

    A couple of quick questions.
    You keep mentioning “partner” in the notes and the videos – Is that interchangeable term with “high level manager” ? I understand that most auditing firms are partnership, but they don’t have to be ( do they? ). If they are not – how high of a level the manager has to be? I understand these are going to be dependent on circumstances – size of clients and auditors

    I read somewhere that FRC has adopted the ISAs. When we talk about responsibility of “partner” – is that from “best practices”, recommendation point of view or it is their obligation in legal sense ?

    For some reason I am under the impression that it is highly unlikely for auditors to be legally liable even in event of misstatements. Again, country dependent.

    Thank you, again

    Thanks again

    • I don’t think the term partner is interchangeable with high-level manager.

      Responsibility of the partner is to carry out audits to comply with both legal requirements and ISAs.

      Legal liability is not part of F8, but you are correct. Liability for negligence is still fairly restricted.

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