The purpose of this is to reduce the RISKS of:
- Litigation brought against the Firm for alleged violations of professional conduct;
- Incorrect opinion from the auditor, and as a result, boosted confidence in the reliability of the financial statements among investors
审计事务所必须确保他们的审计工作遵守质量标准，其目的是减少以下的风险：
- 审计事务所因涉嫌违反职业行为而面对诉讼的风险；
- 审计师提供不正确意见的风险，并因此增强投资者对财务报表可靠性的信心
There are 2 Different Quality Control Standards
- At the firm level:
- the International Standard on Quality Control 1 (ISQC 1) is Quality Control for Firms that carry out audits and reviews [*]
- At the individual AUDIT level:
- International Standard on Auditing [ISA] 220 Quality Control for an Audit of Financial Statements [*] is specific to audit engagements and contains specific requirements that should be adhered to in the performance of any audit.
有两种不同的质量控制标准
- 在公司层面
- 国际质量控制标准 1（ISQC 1）是对进行审计和审查的会计事务所的质量控制 [*] 。
- 在个别审计层面
- 国际审计准则 [ISA] 第220号 《财务报表审计的质量控制》[*] 是专门针对审计业务及包含了在执行任何审计时应遵守的具体要求。
[*] – However, effective 15 December 2022:
- ISQM 1 replaces ISQC 1;
- ISA 220 Quality Management for an Audit of Financial Statements replaces Quality Control for an Audit of Financial Statements
[*] – 然而，即将在2022年12月15日生效:-
ISQM 1 取代了 ISQC 1;
ISA 220 财务报表审计的质量管理取代财务报表审计的质量控制
*Quick note to Audit Firms:
Firms are recommended to research the requirements of the three new quality management standards that have been adopted by the International Auditing and Assurance Standards Board (IAASB). These standards are scheduled to become effective on December 15, 2022.
The standards, which include the International Standards on Quality Management ISQM 1 and ISQM 2, as well as the International Standard on Auditing ISA 220 Revised, are an evolution from a traditional, more linear approach to quality control.
They are intended to create a more robust System of Quality Management for Firms that use the standards developed by the International Auditing and Assurance Standards Board (IAASB). The new standards provide an approach to audit quality management that is robust, scalable, and proactive. This approach is essential to ensuring that the auditing profession will continue to be trusted and viable in the future.
