ISQC 1: Audit Firms must ensure that their Audits adhere to Quality Standards

The purpose of this is to reduce the RISKS of:

• Litigation brought against the Firm for alleged violations of professional conduct;

• Incorrect opinion from the auditor, and as a result, boosted confidence in the reliability of the financial statements among investors

审计事务所必须确保他们的审计工作遵守质量标准，其目的是减少以下的风险：

• 审计事务所因涉嫌违反职业行为而面对诉讼的风险；

• 审计师提供不正确意见的风险，并因此增强投资者对财务报表可靠性的信心

There are 2 Different Quality Control Standards

• At the firm level:

• the International Standard on Quality Control 1 (ISQC 1) is Quality Control for Firms that carry out audits and reviews [*]