Proposed ISQC 1 (Revised)

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Presentation transcript:

Proposed ISQC 1 (Revised) Karin French, Quality Control Task Force Chair IAASB Meeting, New York Agenda Item 2 September 17, 2018

Sections of Proposed ISQC 1 (Revised) Revised Since Monday Introduction Definitions Applying and Complying with Relevant Requirements System of Quality Management Firm’s Risk Assessment Process Information and Communication Networks The IAASB is asked to share their views on the revisions to the above sections, in addition to the specific questions that follow.

Definitions Question 1: Which alternative for the definition of “deficiencies” does the IAASB prefer? Are there any further revisions to the preferred definition for consideration by the QCTF?

Monitoring and Remediation Question 2: Is the IAASB of the view that the monitoring and remediation component should be reduced, and if so, which requirements should be reduced or simplified? Question 3: Is the IAASB of the view that the requirement to perform the inspection of completed engagements on a cyclical basis should be removed? Question 4: Is the IAASB of the view that in-process reviews should be explicitly recognized in the requirement in paragraph 49?