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ASA 220 - Quality Control for an Audit of a Financial Report and Other Historical Financial Information - October 2009
MonitoringMonitoring
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Monitoring
- An effective system of quality control includes a monitoring process designed to provide the firm with reasonable assurance that its policies and procedures relating to the system of quality control are relevant, adequate, and operating effectively. The engagement partner shall consider the results of the firm’s monitoring process as evidenced in the latest information circulated by the firm and, if applicable, other network firms and whether deficiencies noted in that information may affect the audit engagement. (Ref: Para. A33‑A35)