Quality control is pervasive throughout the audit and in completing the audit. No specific LO exists for this problem, but it applies to each activity in an underlying sense. Refer to the Standards Appendix at the end of this book. Identify the relevant auditing standards (PCAOB, AICPA, and IAASB) relating to quality control. Locate the standards on each organization's web site.
a. Contrast the PCAOB standard (which is simply the original AICPA standard) with the new harmonized AICPA/IAASB standards.
b. What is the objective of the AICPA/IAASB standard?
c. With respect to the AICPA/IAASB standard, how does engagement quality review fit into the overall context of the standard?