CTHRepealedLegislation
Auditing Standard ASA 101 Preamble to AUASB Standards
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Auditing Standard ASA 101 Preamble to AUASB Standards
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A17. Compliance with ethical principles, including independence requirements, and quality management within firms that perform engagements to which AUASB Standards apply, are widely recognised as being in the public interest and an integral part of a high-quality engagement.[26]
Relevant Ethical Requirements
A18. References to compliance with relevant ethical requirements are included in certain requirements and explanatory material paragraphs in AUASB Standards. AUASB Standards are to be read in conjunction with relevant ethical requirements, as defined in ASA 102.[27] Law, regulation or relevant ethical requirements may establish responsibilities for the assurance practitioner beyond those described in AUASB Standards.
Quality Management Standards
A19. ASQM 1 deals with a firm’s responsibilities to design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements.
A20. Engagement quality reviews form part of the firm’s system of quality management and:
(a) ASQM 1 deals with the firm’s responsibility to establish policies or procedures addressing engagements that are required to be subject to engagement quality reviews.
(b) ASQM 2 deals with the appointment and eligibility of the engagement quality reviewer, and the performance and documentation of the engagement quality review.
A21. AUASB Standards are premised on the basis that a firm is subject to the ASQMs, and include requirements regarding quality management at the engagement level.[28]