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International Standard on Auditing (ISA) 220 (Revised), Quality Management for an audit of financial statements is effective for audits of financial statements for periods beginning on or after 15 December 2022. It also applies to group audit engagements and is thus, closely aligned with ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). In this regard, the International Auditing and Assurance Standards Board (IAASB) recently released a fact sheet on ISA 220 (Revised) – Quality management and group audits: Highlighting certain aspects of interaction between ISA 220 (Revised) and ISA 600. The fact sheet focuses on the interaction between ISA 220 (Revised) and ISA 600. It also highlights certain provisions from the International Standard on Quality Management (ISQM) 1, Quality management for firms that perform audits or reviews of financial statements, or other assurance or related engagements which are relevant to the application of ISA 220 (Revised) to group audits.

To access the text of the fact sheet, please click here

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