This podcast provides guidance for auditors on fulfilling their responsibilities related to auditing financial statements. It addresses key considerations including fraud, compliance with laws and regulations, and communication with those charged with governance. The text explores standards applicable to joint audits and audits of entities using service organizations, clarifying auditor responsibilities in these contexts. The document emphasizes the importance of risk assessment, professional skepticism, and documentation in the auditing process. The goal is to equip auditors to detect material misstatements due to fraud or error and issue appropriate audit reports.

This Podcast details quality control standards in auditing, specifically SQC 1 (for firms) and SA 220 (for individual audits). It explains the elements of a robust quality control system, including leadership responsibilities, ethical considerations, client acceptance procedures, human resources, engagement performance, and monitoring. A case study illustrates the consequences of inadequate quality control. Finally, it outlines the roles of the Peer Review Board, Quality Review Board, and NFRA in overseeing audit quality.