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ACCA Strategic Professional · Advanced Audit and Assurance (International) · Other current issues

Dunmore LLP's engagement partner on an audit of a medium-sized manufacturer is unsure of her responsibility for quality at engagement level under ISA 220 (Revised), which works alongside ISQM 1. Which statement is correct?

Under ISA 220 (Revised), the engagement partner takes overall responsibility for managing and achieving quality on the audit and must be sufficiently and appropriately involved throughout. Specific tasks may be assigned to team members, but overall responsibility cannot be delegated, and it applies whether or not an engagement quality review occurs.

  1. AThe engagement partner is responsible for managing and achieving quality on the engagement and must be sufficiently and appropriately involved throughout itCorrect
  2. BResponsibility for engagement quality rests entirely with the firm's quality control partner
  3. CThe engagement partner may delegate overall responsibility for quality to the most senior manager
  4. DEngagement-level quality responsibilities apply only if an engagement quality review is performed

Explanation

ISA 220 (Revised) makes the engagement partner responsible for managing and achieving quality on the engagement, including sufficient and appropriate involvement throughout. Tasks may be assigned, but overall responsibility cannot be delegated. It applies to all audits, not only those with an engagement quality review.

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