This ISQC1 (International Standard on Quality Control 1) Audit Quality Control Manual enables audit firms registered to carry out audit work in the Republic of Ireland to maintain adequate audit quality control standards in their audit work.
This latest revision deals with changes triggered by:
• Root Cause Analysis (best practice developments following cold file reviews) and
• Section 934 I (3) of the Companies Act, 2014 – as introduced by the Companies (Statutory Audits) Act, 2018 from 21 September 2018, dealing with reporting systems within audit firms to allow audit personnel make reports of relevant contraventions under the Companies Act, 2014.
The Manual enables these firms to comply with the latest audit quality control requirements and includes the 2016 requirements of International Education Standard 8 (IES 8) – the standard that addresses the ongoing education (CPD requirements) of Responsible Individual auditors.