This article discusses the Auditing Standard, ASA 220, issued by the Auditing and Assurance Standard Board, Australia. It emphasizes on the issue of quality management and respective control of specific audit of a financial report along with other Historical Financial Information connected to the demands of the provision enforced by legislative authorities with proper roadmap of Strategic Direction. The article also covers the transition process of the standard and its continuous amendments to comply with practical implication and international requirement of auditing standard by Australian Government.