CTHIn ForceLegislation
Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information
Monitoring and RemediationMonitoring and Remediation
Start here
Get a plain-English read of Monitoring and Remediation
Turn the raw legal text into a practical explanation grounded in Auditing Standard ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information.
Monitoring and Remediation
- The engagement partner shall take responsibility for: (Ref: Para. A109‒A112)
- Obtaining an understanding of the information from the firm’s monitoring and remediation process, as communicated by the firm including, as applicable, the information from the monitoring and remediation process of the network and across the network firms;
- Determining the relevance and effect on the audit engagement of the information referred to in paragraph 39(a) and take appropriate action; and
- Remaining alert throughout the audit engagement for information that may be relevant to the firm’s monitoring and remediation process and communicate such information to those responsible for the process.