Section Applying, and Complying with, Relevant R - ASQC 1 - Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements - Applying, and Complying with, Relevant Requirements

Applying, and Complying with, Relevant RApplying, and Complying with, Relevant Requirements

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Applying, and Complying with, Relevant Requirements

Personnel within the firm responsible for establishing and maintaining the firm’s system of quality control shall have an understanding of the entire text of this Standard, including its application and other explanatory material, to understand its objective and to apply its requirements properly.
The firm shall comply with each requirement of this Standard unless, in the circumstances of the firm, the requirement is not relevant to the services provided in respect of audits and reviews of financial reports, audits and reviews of other financial information, other assurance engagements and related services engagements. (Ref: Para. A1‑Aus A1.1)
The requirements are designed to enable the firm to achieve the objective stated in this Standard. The proper application of the requirements is therefore expected to provide a sufficient basis for the achievement of the objective. However, because circumstances vary widely and all such circumstances cannot be anticipated, the firm shall consider whether there are particular matters or circumstances that require the firm to establish policies and procedures in addition to those required by this Standard to meet the stated objective.