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) leadership responsibilities for quality on audits
B) remunerating the auditor fairly and responsibly
C) ethical requirements (including independence)
D) acceptance and continuance of client relationships and specific engagements

Question

Quizplus · Accepted Answer

Remuneration of the auditor is not explicitly mentioned as a required policy or procedure in ASA 220. However, fair and reasonable remuneration is implied as a necessary factor for auditor independence and objectivity, which are emphasized throughout the standard. The other options (A, C, and D) are explicitly stated as required policies and procedures in ASA 220.

Which One of the Following Policies and Procedures Is NOT