ISA 220 Revised: What Auditors Need to Know

The revised standard modernizes the approach to quality management and requires the engagement partner and engagement team to be proactive in managing and achieving quality. The engagement partner’s overall responsibility in the engagement is demonstrated through sufficient and appropriate involvement throughout the audit engagement. The engagement partner must reinforce the importance of quality to all members of the engagement team.

The changes to the standard keep it fit for purpose in a wide range of circumstances and a complex environment. The importance of professional skepticism is a focus as well as how to enhance the documentation of the auditor’s judgements.

You will be developing the following professional competencies in the green section below.