This Auditing Standard deals with the specific responsibilities of the auditor regarding quality control procedures for the audit of a financial report and other historical financial information. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer. This Auditing Standard is to be read in conjunction with relevant ethical requirements.

Quality control systems, policies and procedures are the responsibility of the audit firm.  Under ASQC 1, the firm has an obligation to establish and maintain a system of quality control to provide it with reasonable assurance that:

1. The firm and its personnel comply with Australian Auditing Standards, relevant ethical requirements, and applicable legal and regulatory requirements; and
2. The Reports issued by the firm or engagement partners are appropriate in the circumstances.^[1]

This Auditing Standard is premised on the basis that the firm is subject to ASQC 1. (Ref: Para. A1)

Within the context of the firm’s system of quality control, engagement teams have a responsibility to implement quality control procedures that are applicable to the audit engagement and provide the firm with relevant information to enable the functioning of that part of the firm’s system of quality control relating to independence.

Engagement teams are entitled to rely on the firm’s system of quality control, unless information provided by the firm or other parties suggests otherwise.  (Ref: Para. A2‑Aus A2.1)

[Deleted by the AUASB.  Refer Aus 0.3]