If the auditor identifies risks of material misstatement that management failed to identify, the auditor shall: Determine whether any such risks are of a kind that the auditor expects would have been identified by the entity’s risk assessment process and, …

Resources may be internal to the firm, or may be obtained externally from the firm’s network, another network firm or service provider. Resources may be used in performing activities within the firm’s system of quality management, or in the performance of …

Human Resources Hiring, Developing and Retaining Personnel and Personnel Competence and Capabilities (Ref: Para. 32(a), 32(d) ) …

Competence is the ability of the individual to perform a role and goes beyond knowledge of principles, standards, concepts, facts, and procedures; it is the integration and application of technical competence, professional skills, and professional ethics, …

Law, regulation or AUASB standards may establish requirements addressing competence and capabilities, such as requirements for the professional licensing of engagement partners, including requirements regarding their professional education and continuing …

Examples of policies or procedures relating to hiring, developing and retaining personnel The policies or procedures designed and implemented by the firm relating to hiring, developing and retaining personnel may address: Recruiting individuals who have, …

Personnel’s Commitment to Quality and Accountability and Recognition for Commitment to Quality (Ref: Para. 32(b) ) …

Timely evaluations and feedback help support and promote the continual development of the competence of personnel. Less formal methods of evaluation and feedback may be used, such as in the case of firms with fewer …

Positive actions or behaviours demonstrated by personnel may be recognised through various means, such as through compensation, promotion, or other incentives. In some circumstances, simple or informal incentives that are not based on monetary rewards may …

The manner in which the firm holds personnel accountable for actions or behaviours that negatively affect quality, such as failing to demonstrate a commitment to quality, develop and maintain the competence to perform their role or implement the firm’s …