Examine the factors influencing the level and extent of compliance with audit quality standards (ISA 220...

Examine the factors influencing the level and extent of compliance with audit quality standards (ISA 220 and ISQC 1) by auditing firms in Ghana.

Expert Solution

ISA 220 AND ISQC 1

ISA 220 it is for relate to quality control of an audit of financial statement and ISQC 1 is quality control for the firms which performs Audit and review of the financial statement, and Assurance and related service engagements.

These are the factor to be considered for the quality and assurance of the audit under ISA 220 AND ISQC 1:

-firms can establish the policies and the procedure on the documentation of the quality standard

-policy are to be reviewed from time to time for the quality assurance

-it is to be ensure that engagement quality control review has been completed on or before the due date of the report

-it is also one of the factor to be considered that policies and procedure are designed to maintain the confidentially, safe custody, integrity, of the documentation

-it is to be ensure that discussion to be made with the engagement partner relate to the significant matters

-it is to be ensure that sufficient resources are available and appropriate consultation are to be made

-These are the elements to be considered for system of quality control and system is maintained for

leadership responsibility for the quality

any relevant ethical requirements

system regarding human resources

-efforts must be made to promote the internal culture quality for the better control

ekkarill92 answered 2 years ago

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