⇒Quality control systems, policies and procedures are the responsibility of the audit firm. Under ISQC 1, the firm has an obligation to establish and maintain a system of quality control to provide it with reasonable assurance that:

  1. The firm and its personnel comply with professional standards and applicable legal and regulatory requirements; and
  2. Reports issued by the firm or engagement partners are appropriate in the circumstances.

⇒This ISA is premised on the basis that the firm is subject to ISQC 1 or to national requirements that are at least as demanding.
⇒Within the context of the firm’s system of quality control, engagement teams have a responsibility to implement quality control procedures that are applicable to the audit engagement and provide the firm with relevant information to enable the functioning of that part of the firm’s system of quality control relating to independence.
⇒Engagement teams are entitled to rely on the firm’s system of quality control, unless
information provided by the firm or other parties suggests otherwise.