New Standard from Last Update.

1. SCOPE

1.1 This standard (Part 2) provides guidance for conducting assurance engagements to assurance engagement team, a firm or a reporting entity for implementation of Part 1 of this Standard on the following:

a) To identify potential scenarios that could pose a challenge to the engagement risks for complying and being in adherence with the requirements of the essential virtues;

b) Nature of safeguards that could be applied for mitigating and or neutralizing the identified engagement risks; and

c) In establishing an effective Quality Control System (QCS), supported by effective process and procedures for accepting, conducting, reviewing, maintaining and conducting independent quality control review of assurance engagements.

1.2 This standard applies to an assurance engagement team and or a Quality Control Reviewer (QCR) and or a firm and or a reporting entity that intends to conduct internal and or external assurance engagement as per Part 1 of this Standard.