Guide to Using International Standards on Auditing in - IFAC

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4. Ethics, ISAs, and Quality Control
Chapter Content
Matters <strong>to</strong> be addressed in a firm’s system of quality control <strong>to</strong> ensure
compliance with ethical (including independence) requirements and
the ISAs.
Relevant ISAs
ISQC 1, 200, 220
Exhibit 4.0-1
Firm’s Values and Goals
Leadership (Roles, assignments and accountability)
Ethics and
independence
Client acceptance
and continuance
Engagement
performance
Staff
management
Documentation and Ongoing Moni<strong>to</strong>ring
(Firm’s QC system and engagement files)
Paragraph #
ISQC 1.11
ISQC/ISA Objective(s)
The objective of the firm is <strong>to</strong> establish and maintain a system of quality control <strong>to</strong> provide it
with reasonable assurance that:
(a) The firm and its personnel comply with professional standards and applicable legal and
regula<strong>to</strong>ry requirements; and
(b) Reports issued by the firm or engagement partners are appropriate in the circumstances.
220.6 The objective of the audi<strong>to</strong>r is <strong>to</strong> implement quality control procedures at the engagement
level that provide the audi<strong>to</strong>r with reasonable assurance that:
(a) The audit complies with professional standards and applicable legal and regula<strong>to</strong>ry
requirements; and
(b) The audi<strong>to</strong>r's report issued is appropriate in the circumstances.