Transcription of INTRODUCTION TO ISA 220 (REVISED)
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INTRODUCTION TO ISA 220 (REVISED)
FACT SHEET DECEMBER 2020 quality Management for an Audit of Financial Statements INTRODUCTION TO ISA 220 ( revised ) INTRODUCTION TO ISA 220 ( revised ) 2 ISA 220 ( revised ), quality Management for an Audit of Financial Statements, deals with the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements, and the related responsibilities of the engagement partner. WHAT?WHEN?ISA 220 ( revised ) is effective for audits of financial statements for periods beginning on or after December 15, revised standard clarifies and strengthens the key elements of quality management at the engagement level.
reinforcing the importance of quality to all members of the engagement team. HOW? The changes are intended to: • Encourage proactive management of quality at the engagement level. • Keep the standard fit for purpose in a wide range of circumstances and in a complex environment. • Emphasize the importance of professional skepticism and enhance
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