The International Auditing and Assurance Standards Board (IAASB) develops auditing and assurance standards and guidance for use by all professional accountants under a shared standard-setting process involving the Public Interest Oversight Board, which oversees the activities of the IAASB, and the IAASB Consultative Advisory Group, which provides public interest input into the development of the standards and guidance. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants (IFAC). The Exposure Draft of proposed ISA 220 (Revised), Quality Management for an Audit of Financial Statements (ED-220), was approved for exposure by the IAASB in December 2018. This Exposure Draft was developed and approved by the International Auditing and Assurance Standards Board (IAASB). ED-220 is part of a package of proposed quality management standards in respect of which the IAASB is seeking public comment.

Required: Prepare a memorandum with your comments on Exposure Draft of Proposed ISA 220