New IAASB Fact Sheet Helps Auditors Navigate Quality Management for Group Audits
The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet, available by following the link: https://www.iaasb.org/publications/quality-management-and-group-audits-highlighting-certain-aspects-interaction-between-isa-220-revised?utm_source=Main+List+New&utm_campaign=12d32c09e5-IAASB-alert-ISA-220-ISA-600&utm_medium=email&utm_term=0_-12d32c09e5-%5BLIST_EMAIL_ID%5D.
The fact sheet deals with the interactions between ISA 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits.
The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management 1, addressing quality management at the firm level.
The fact sheet will be particularly useful for group audits in which component auditors are involved.