Document ID: chunk:federal_register_of_legislation:F2021L00403:body:0:p8
Version: federal_register_of_legislation:F2021L00403
Segment Type: other
Provision Reference: 
Character Range: 21743–24806

engagement team is entitled to rely on a firm's system of quality control in meeting its responsibilities with respect to quality control procedures applicable to the individual audit engagement, unless information provided by the firm or other parties suggests otherwise. ASA 220 also describes when the engagement team may depend on the firm's policies or procedures in managing and achieving quality at the engagement level. [13]

23.               As a result of the footnotes insertion and deletion above, subsequent footnotes of this Auditing Standard are re-numbered and references to these footnotes are updated accordingly.

24.               Existing footnote 9 in paragraph A19 is amended to read as follows:

See ASQCM 1 Quality ControlManagement for Firms that Perform Audits andor Reviews of Financial Reports and Other Financial Information, or Other Assurance Engagements andor Related Services Engagements.

25.               Existing footnote 10 in paragraph A19 is amended to read as follows:

See ASA 220 Quality ControlManagement for an Audit of a Financial Report and Other Historical Financial Information, paragraph 23.

26.               Existing footnote 11 in paragraph A19 is amended to read as follows:

See ASQCM 1, paragraphs 20-2529.

27.               Existing footnote 15 in paragraph A27 is amended to read as follows:

See ASA 220, paragraph 1835.

28.               Existing paragraph A30 is amended to read as follows:

Audit evidence is necessary to support the auditor's opinion and report. It is cumulative in nature and is primarily obtained from audit procedures performed during the course of the audit. It may, however, also include information obtained from other sources such as previous audits (provided the auditor has determined whether changes have occurred since the previous audit that may affect its relevance to the current audit17) or through the information obtained by the firm in the acceptance or continuance of the client relationship or engagement a firm's quality control procedures for client acceptance and continuance. In addition to other sources inside and outside the entity, the entity's accounting records are an important source of audit evidence. Also, information that may be used as audit evidence may have been prepared by an expert employed or engaged by the entity. Audit evidence comprises both information that supports and corroborates management's assertions, and any information that contradicts such assertions. In addition, in some cases, the absence of information (for example, management's refusal to provide a requested representation) is used by the auditor, and therefore, also constitutes audit evidence. Most of the auditor's work in forming the auditor's opinion consists of obtaining and evaluating audit evidence.

29.               Existing footnote 17 in paragraph A30 is amended to read as follows:

See ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, paragraph 916.

Amendments to ASA 210