SA-220 “quality control for an audit of financial statements”.

1.Meaning

As per SA 220 “Quality Control for an Audit of Financial Statements”, theengagement partner shall take responsibility for the overall quality on each audit engagement to which that partner isassigned.

The actions of the engagement partner and appropriate messages to the other members of the engagement team, in taking responsibility for the overall quality on each audit engagement, emphasise:

a

The importance to audit quality

(i)

Performing work that complies with professional standards and regulatory and legalrequirements;

(ii)

Complyingwiththefirm’squalitycontrolpoliciesandproceduresasapplicable

(iii)

Issuing auditor’s reports that are appropriate in the circumstances;and

b

fact that quality is essential in performing auditengagements.