Auditing and Assurance Standards and Guidance

Auditing Standards (UK)

FRC ISAs (UK) applicable for periods beginning on or after 17 June 2016 in the UK

ISA (UK) 220 (Revised June 2016) Quality Control for an Audit of Financial Statements

Application and Other Explanatory Material
System of Quality Control and Role of Engagement Teams (Ref: Para. 2)
A1.ISQC (UK) 1 (Revised June 2016), or national requirements that are at least as demanding, deals with the firm's responsibilities to establish and maintain its system of quality control for audit engagements. The system of quality control includes policies and procedures that address each of the following elements:
 dotbulletLeadership responsibilities for quality within the firm;
 dotbulletRelevant ethical requirements;
 dotbulletAcceptance and continuance of client relationships and specific engagements;
 dotbulletHuman resources;
 dotbulletEngagement performance; and
 dotbulletMonitoring.
 National requirements that deal with the firm's responsibilities to establish and maintain a system of quality control are at least as demanding as ISQC (UK) 1 (Revised June 2016) when they address all the elements referred to in this paragraph and impose obligations on the firm that achieve the aims of the requirements set out in ISQC (UK) 1 (Revised June 2016).
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