The Malaysian Institute of Accountants has approved this standard in February 2018 for publication. This standard should be read in conjunction with the Preface to the Malaysian Quality Control, Auditing, Review, Other Assurance and Related Services Pronouncements; and the Malaysian Approved Preface to the International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements; Glossary of Terms; and International Framework for Assurance Engagements. The status of International Standards on Quality Control is set out in the Preface to the Malaysian Quality Control, Auditing, Review, Other Assurance and Related Services Pronouncements. (i) What is International Standard on Quality Control (ISQC) 1? To whom does the standard apply to?
(ii) List at least five (5) elements in ISQC1.
(iii) There are some challenges in applying the ISQC1 for audit firms. Identify the challenges and suggest solutions.
(iv) How do you think ISQC1 may benefit firms? Justify your answer.