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Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information
Engagement ResourcesEngagement Resources
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Engagement Resources
- The engagement partner shall determine that sufficient and appropriate resources to perform the engagement are assigned or made available to the engagement team in a timely manner, taking into account the nature and circumstances of the audit engagement, the firm’s policies or procedures, and any changes that may arise during the engagement. (Ref: Para. A59–A70, A73–A74, A79)
- [Deleted by the AUASB. Refer Aus 26.1]
Aus 26.1 The engagement partner shall determine that members of the engagement team, and any auditor’s external experts who are not part of the engagement team, collectively have the appropriate competence and capabilities, including sufficient time, to perform the audit engagement. (Ref: Para. A62, A71–A74)
- If, as a result of complying with the requirements in paragraphs 25 and 26, the engagement partner determines that resources assigned or made available are insufficient or inappropriate in the circumstances of the audit engagement, the engagement partner shall take appropriate action, including communicating with appropriate individuals about the need to assign or make available additional or alternative resources to the engagement. (Ref: Para. A75‒A78)
- The engagement partner shall take responsibility for using the resources assigned or made available to the engagement team appropriately, given the nature and circumstances of the audit engagement. (Ref: Para. A63–A69)