The ASB has made various changes to the language throughout the SQCS, as compared with ISQC 1.
The ASB believes that such changes will not create differences between the application of ISQC 1 and the application of the SQCS.
Paragraph 25 of ISQC 1 requires the firm to establish policies and procedures setting out criteria for determining the need for safeguards to reduce the familiarity threat to an acceptable level when using the same senior personnel on an assurance engagement over a long period of time.
Paragraph 48(a) of ISQC 1 requires including, on a cyclical basis, inspection of at least one completed engagement for each engagement partner as a monitoring procedure.
Paragraph 36 of ISQC i requires that the quality control review be completed before the report is dated.
Paragraph 48(c) of ISQC 1 requires that those performing the engagement or the engagement quality control review are not involved in inspecting the engagements.
IAASB [International Accounting and Auditing Standards Board] Part of IFAC, issues International Standards on Auditing (ISAs), International Standards on Quality Control (ISQCs
) and other standards relating to ethics, education, assurance and other services.