Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards

AU-C Original Pronouncements

Sources

Statements on Auditing Standards (SASs) 122 and 128.

Applicability

AU-C 220 addresses specific responsibilities of the auditor regarding quality control standards for an audit of financial statements. Quality control is the responsibility of the audit firm. AU-C 220 also addresses supervision of an audit.

AU-C 220 Definitions of Terms

Source: AU-C 220.09

1. Engagement partner. The partner or other person in the firm who is responsible for the audit engagement and its performance and for the auditor's report issued on behalf of the firm and who, when required, has the appropriate authority from a professional, legal, or regulatory body.
2. Engagement quality control review. A process designed to provide an objective evaluation, before the report is released, of the significant judgments the engagement team made and the conclusions it reached in formulating the auditor's report. The engagement quality control review process is only for those audit engagements, if any, for which the firm has determined that an engagement quality control review is required, in accordance with its policies and procedures.
3. Engagement quality control reviewer. A partner, other person in the firm, suitably qualified external person, or team made up of such individuals, none of whom is part of the engagement team, with sufficient and appropriate experience ...