ASA 220 | Auditing & Assurance

Running Head: AUDITING & ASSURANCE
AUDITING & ASSURANCE
Name of the Student
Name of the University
Author Note

1AUDITING & ASSURANCE
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Quality Control for the Audit of the Financial Report and the Other Historical Financial
Information.............................................................................................................................2
System of the Quality Control and the Role of Engagement Teams.....................................3
ASA 220 Requirements..........................................................................................................4
Conclusion..................................................................................................................................5
Reference....................................................................................................................................6

2AUDITING & ASSURANCE
Introduction
The AASB that is Australian Accounting Standards Board is the Australian
Government agency, which is responsible for thedevelopment as well as maintaining the
standards of the financial reporting that are applicable for the organizations in the sectors of
private and public of the Australian economy. This independent board of the standard setting
of IFA has issued the standard of auditing that is ASA 220 for Quality control for financial
statements audit. The main aim of thestandards of auditing is to establish requirements and
providing with the other explanatory materials and applications, which help in dealing with
givenauditorsresponsibilities for the procedures of thecontrol ofquality forthe company’s
financial reports audit and the other historical financial information. The standard also helps
in addressing the given responsibilities in context of quality control engagement of
receiver(ASA220 2019). AASB has issued ISA 220 that deals with the specific
responsibilities of the auditors in relation to the procedures of the quality control for audit of
financial reports as well as other historical financial information. As per AASB, this standard
helps in addressingthe responsibilities of the engagement reviewer of quality control, where
applicable.Hence, this assignment would be analyzing the standards of auditing ASA 220 in
depth, issued by AASB.
Discussion
Quality Control for Financial Reports and the Other Historical Financial
InformationAuditing
In order to provide quality audits, the auditing standard provides the guidelines for the
engagement partners for having leadership responsibilities. It provides the relevant ethical
requirements with the help of setting assignments for audit of the engagement by the
engagement partners. The guidelines sets out the requirements of engagements performance,