Quality Control

Last Updated 30 June 2020 11:16:08 AM


The highest standard of quality in the provision of professional services is imperative for the chartered accountancy profession; and even more so for those Chartered Accountants who are also Registered Auditors.

Audit quality is essential to the fulfilment of the objectives on an independent external audit. Consistent and sustainable high audit quality contributes to ensuring the continued relevance and value of audit and assurance services; which in turn are essential in providing trust and confidence to the users of historical financial information, and increasingly also to users of information other than historical financial information.

The IAASB Framework for Audit Quality describes the term audit quality as encompassing certain key elements that create an environment which maximizes the likelihood that quality audits are performed on a consistent basis.

International Standard on Quality Control 1 (ISQC 1) deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. The ISQC is to be read in conjunction with relevant ethical requirements.

International Standard on Auditing 220 (ISA 220) deals with the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer.  ISA 220 is also to be read in conjunction with relevant ethical requirements.


Recent Developments


Standards and Pronouncements

IAASB 2015 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements from the IAASB

[Note that the above are specific quality control standards, but that the topic of quality control is also addressed in individual review, other assurance and related services standards available in the IAASB Handbook]


Guides and Circulars


Monitoring of Quality

South Africa – Independent Regulatory Board for Auditors (IRBA)

[Additional information with respect to inspections can be found on the IRBA website]

International Forum for Independent Audit Regulators (IFIAR)

[Refer to the IFIAR website for additional information and resources]


SAICA communications and resources