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Hi, Kim, hope you are well
I’m always wondering about the relationship between the ISQC1 and the ISA220. Coukd you please tell me the same and differences between these two?
In short, the answer is in their titles:
ISQC 1 Quality Control for FIRMS that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements
ISA 220 Quality Control for AN AUDIT of Financial Statements
ISQC 1 is all about QC “firm-wide” – see pages 47-48 of our notes – these will apply to ALL audits, reviews, etc.
ISA 220 concerns QC at the “engagement level” – see pages 49-50 of our notes – these apply to individual audits.
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