Acca aaa s21 Notes

Audit documentation
(ISA 230) must include:
๏
Ethical issues and how resolved
๏
The engagement partner’s conclusions regarding compliance with independence requirements 
and the acceptance/continuance of the engagement
๏
The nature and scope of consultations, if any, and the conclusions reached.
Where relevant, the engagement quality control reviewer must document:
๏
That the firm’s EQCR procedures have been performed
๏
That the review has been completed on or before the date of the auditor’s report
๏
That he is not aware of any unresolved matters that would lead him to believe that significant 
judgements and conclusions are not appropriate.
5. Proposed quality management standards
The IAASB has published three exposure drafts (EDs) which are examinable documents:
๏
A new proposed standard, ISQM 1 
Quality Management for Firms that Perform Audits or Reviews of 
Financial Statements, or Other Assurance or Related Services Engagements 
(to replace ISQC 1). This 
deals with a firm’s responsibility to establish a 
system
of quality management to support quality 
engagements.
๏
A proposed new standard, ISQM 2 
Engagement Quality Reviews
.
๏
A revised ISA 220
 Quality Management for an Audit of Financial Statements
which addresses the 
management of engagement quality for audit engagements. 
Remember
to check the technical articles section of AAA study resources for this topic.
September 2021 to June 2022 exams
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