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Dear tutor,
ISQC 1 is for firm level.
ISA 220 “Quality Control for an Audit of FS” is for engagement level but only for audits.
Which standard will be applicable for enaggement level reviews and other non-audit services?
Thanks,
For assurance engagement, per ISAE 3000 Assurance engagements:
“The practitioner should implement quality control procedures that are
applicable to the individual engagement.”For reviews of historic financial information ISRE 2400 has a section “Engagement Level Quality Control”.
All requirements for quality control are based on the same principles – just made more relevant to particular circumstances. So for example quality controls over independence are not relevant for a non-assurance engagement – but there will always need to be quality controls to ensure competence.
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