Which one of the following policies and procedures is NOT required by ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information?
A) Remunerating the auditor fairly and responsibly
B) Acceptance and continuance of client relationships and specific engagements
C) Ethical requirements (including independence)
D) Leadership responsibilities for quality on audits

Question

Quizplus · Accepted Answer

Remunerating the auditor fairly and responsibly is not specifically required by ASA 220. While fair remuneration for audit services is important and can impact the quality of the audit, it is not specifically mentioned as a requirement in this standard. The other options, acceptance and continuance of client relationships and specific engagements, ethical requirements (including independence), and leadership responsibilities for quality on audits are all specifically required by ASA 220.

Which One of the Following Policies and Procedures Is NOT