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CMA Intermediate · Corporate Accounting and Auditing · Brief Introduction to Auditing Standards

Which pronouncement is cited in SQC 1 as establishing standards and guidance on quality control procedures for audits of historical financial information, as an example of additional standards for specific engagements?

SQC 1 cites SA 220, Quality Control for an Audit of Financial Statements, as an example of an additional standard. It sets out standards and guidance on quality control procedures for audits of historical financial information, supplementing the firm-level requirements in SQC 1.

  1. ASA 200
  2. BSA 230
  3. CSA 220, Quality Control for an Audit of Financial StatementsCorrect
  4. DSA 240

Explanation

SQC 1 notes that additional standards and guidance on the responsibilities of firm personnel regarding quality control procedures for specific types of engagements are in other AASB pronouncements. As an example it names SA 220, Quality Control for an Audit of Financial Statements. SA 200 deals with overall objectives and SA 230 with documentation, so they are not the cited example.

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