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2 Jul. 2019

AUASB Submission to IAASB on QM Standards

The AUASB has this week submitted its response on the IAASB’s Exposure Drafts (EDs) for Quality Management at the Firm and Engagement Level, including Engagement Quality Reviews.

Whilst supportive of the overall concepts in the EDs the AUASB notes with concern that the IAASB’s EDs all contain greater complexity and detail than the extant standards they are replacing. This makes the proposed standards more challenging for auditors to apply, and may result in increased costs with arguably no commensurate increase in the level of audit quality for auditors of all types of entities.