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The International Auditing and Assurance Standards Board (IAASB) issued its exposure draft (ED) addressing changes in some of its standards and framework resulting from the new and revised quality management standards that were issued in December 2020.
The ED aligns the IAASB’s standards related to review, assurance and related services, as well as its framework, with the quality management standards through conforming amendments. This will ensure that the IAASB's standards continue to be applied as intended. The proposed changes will also modify IAASB’s standards to reflect aspects of the new quality management approach and emphasize the importance of firm-level quality management to consistent quality engagements.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above proposals.
ISCA requires all comments to be submitted to technical@isca.org.sg by 7 May 2021.
Please click here for the exposure draft.