Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISQC (UK and Ireland) 1 Quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements

Requirements
Monitoring
Monitoring the Firm's Quality Control Policies and Procedures
48.The firm shall establish a monitoring process designed to provide it with reasonable assurance that the policies and procedures relating to the system of quality control are relevant, adequate, and operating effectively. This process shall:
 (a)Include an ongoing consideration and evaluation of the firm's system of quality control including, on a cyclical basis, inspection of at least one completed engagement for each engagement partner;
 (b)Require responsibility for the monitoring process to be assigned to a partner or partners or other persons with sufficient and appropriate experience and authority in the firm to assume that responsibility; and
 (c)Require that those performing the engagement or the engagement quality control review are not involved in inspecting the engagement. (Ref: Para. A64-A68)
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