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4 Mar. 2015

Now is the Time to be Heard: Survey on Quality Control - Small and Medium Sized Practices

The International Auditing and Assurance Standards Board (IAASB) has issued a survey in connection with its new Quality Control Initiative.

The survey's purpose is to inform the scoping of the proposed IAASB quality control project, specifically with respect to issues encountered by small- and medium-sized practices (SMPs) in complying with the requirements of International Standard on Quality Control (ISQC) 1, Quality Control for Firms That Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and of International Standard on Auditing (ISA) 220, Quality Control for an Audit of Financial Statements.

In Australia, the requirements of ISQC 1 are incorporated in ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports, and Other Financial Information, Other Assurance Engagements Related Services Engagements.  Refer link for a copy.

All professional accounting firms that conduct assurance engagements in Australia must comply with ASQC 1, and SMPs may be having issues in complying with the requirements.  This questionnaire is intended to help inform the IAASB about current practice, and issues encountered by small- and medium-sized practices in maintaining quality control systems in compliance with ISQC 1.

The Australian Auditing and Assurance Standards Board (AUASB) encourages its SMP constituents to respond to the survey. It is important for the IAASB and the AUASB to be aware of any issues encountered by small- and medium-sized practices in Australia, as any changes to ISQC 1 will have an impact on ASQC 1 in Australia.

Participants can take the survey online or download and complete the survey form.

Responses to the survey are requested by no later than March 27, 2015, to Sara Ashton, saraashton@iaasb.org.

Where constituents make comments directly to the IAASB, we would appreciate it if a copy could be sent to the AUASB. This can be addressed to the Executive Director, Australian Auditing and Assurance Standards Board, PO Box 204, Collins Street West, VIC 8007, or by email to edcomments@auasb.gov.au.