Auditing Standard ASQM 2 Engagement Quality Reviews
Conformity with International Standards Conformity with International Standards on Quality Management
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Conformity with International Standards on Quality Management
This Auditing Standard conforms with International Standard on Quality Management ISQM 2 Engagement Quality Reviews issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to, or amended from this Auditing Standard (and do not appear / appear differently in/from the text of the equivalent ISQM 2) are identified with the prefix “Aus”.
The following introductory paragraphs and definitions are additional to or have been amended from ISQM 2:
| Paragraph | Summary of Change |
|---|---|
| Aus 2.1 | Replaces ISQM 2 introductory paragraph 2, to introduce ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. |
| Aus 2.2 | Additional to ISQM 1 to serve as a reminder that it is the responsibility of the firm to ensure compliance with all relevant legal, regulatory or professional obligations. |
| Aus 13.1 | Replaces ISQM 2 paragraph 13(c) definition of ‘Relevant ethical requirements’. Relevant ethical requirements are defined in ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. |
This Auditing Standard incorporates terminology and definitions used in Australia.
The equivalent requirements and related application and other explanatory material included in ISQM 2 in respect of “relevant ethical requirements”, have been included in Auditing Standard, ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements. There is no international equivalent to ASA 102.
Compliance with this Auditing Standard enables compliance with ISQM 2.