Quality Control for an Audit of a FinancQuality Control for an Audit of a Financial Report and Other Historical Financial Information

AUDITING STANDARD ASA 220

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.

This compiled version of ASA 220 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 30 June 2020 (see Compilation Details).

Auditing Standard ASA 220

Quality Control for an Audit of a Financial Report and Other Historical Financial Information

Application

Aus 0.1 This Auditing Standard applies to:

(a) an audit of a financial report for a financial year, or an audit of a financial report for a half‑year, in accordance with the Corporations Act 2001; and

(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.

Aus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.

Operative Date

Aus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. [Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.]

Introduction

Scope of this Auditing Standard

1. This Auditing Standard deals with the specific responsibilities of the auditor regarding quality control procedures for the audit of a financial report and other historical financial information. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer. This Auditing Standard is to be read in conjunction with relevant ethical requirements.

System of Quality Control and Role of Engagement Teams

1. Quality control systems, policies and procedures are the responsibility of the audit firm. Under ASQC 1, the firm has an obligation to establish and maintain a system of quality control to provide it with reasonable assurance that:
   1. The firm and its personnel comply with Australian Auditing Standards, relevant ethical requirements, and applicable legal and regulatory requirements; and