ISA 220 (Revised)

ISA 220 (Revised) deals with the engagement partner and engagement team’s responsibilities for quality management for an audit of financial statements. The revised standard modernizes the approach to quality management and requires the engagement partner and engagement team to be proactive in managing and achieving quality. ISA 220 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2022.

The following are available:

• Final Pronouncement
• Basis for Conclusions
• Fact Sheet
• Implementation guide