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ISQC 1 Exposure Draft

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The Accounting Bodies this week issued for comment in Australia proposed international quality standard: ISQC 1 “Quality Control for Audit, Assurance and Related Services Practices”. 
 
This ISQC will apply at the firm level and relate to all audit, assurance and related services. Accordingly the ICAA and CPAA are issuing this ISQC for comment, with the aim of integrating it into the Australian Accounting Bodies jointly issued Miscellaneous Professional Statements APS 4 “Statement of Quality Control Standard” and APS 5 “Quality Control Policies and Procedures”. 
 
The Accounting Bodies seek comments from interested parties as to the acceptability or otherwise of the proposals in this proposed ISQC 1.  
 
In addition, comments are sought on the appropriate integration of ISQC 1 into the Miscellaneous Professional Statements. Possible approaches are: 

  • Integrate into mandatory APS 4 
  • Integrate into the guidance in APS 5 
  • Issue as a separate statement for audit, assurance and related services practices. 
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    Revisions to the Australian APS 4 and or APS 5 will be considered after ISQC 1 is finalised by the IAASB. These revisions will be in conjunction with other revisions arising from a wider review of APS 4 and 5, CLERP 9 and international developments. 
     
    Comments should be emailed to: pro_standards@icaa.org.au and should be forwarded so as to arrive no later than 15 August 2003.