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

Which Standard on Auditing is referred to in SQC 1 as the one that establishes standards and provides guidance on quality control procedures for audits of historical financial information?

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

  1. ASA 200
  2. BSA 220Correct
  3. CSA 230
  4. DSA 299

Explanation

SQC 1 says additional standards and guidance on quality control for specific engagements are set out in other pronouncements. As its example it names SA 220, Quality Control for an Audit of Financial Statements. SA 230 deals with audit documentation, not quality control.

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