ASQC 1 - Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements
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Scope of this Auditing Standard
- [Deleted by the AUASB. Refer Aus 1.1]
Aus 1.1 This Auditing Standard, ASQC 1 (the Standard), deals with the firm’s responsibilities for its system of quality control for audits and reviews of financial reports and other financial information, other assurance engagements and related services engagements. This Standard is to be read in conjunction with relevant ethical requirements. Relevant ethical requirements are defined in ASA 102.[*]
- Other pronouncements issued by Auditing and Assurance Standards Board (AUASB) set out additional standards and guidance on the responsibilities of firm personnel regarding quality control procedures for specific types of engagements. ASA 220,[1] for example, deals with quality control procedures for an audit of a financial report and other historical financial information.
- A system of quality control consists of policies designed to achieve the objective set out in paragraph 11 of this Standard and the procedures necessary to implement and monitor compliance with those policies.