Sankalp Manufacturing Ltd. has recently appointed a new audit firm to conduct its statutory audit. During the initial planning meeting, the audit partner emphasized the firm's commitment to quality control in compliance

The SIA 220 requires the internal audit plan to ensure that the audit activities are strategically aligned with the organisation's objectives, risk profile and governance priorities. The firm shall implement policies and procedures to ensure quality control throughout the audit engagement. Applying SIA 220 can aid in improving the quality control of the audit engagement at Sankalp Manufacturing Ltd. in the following manner: Leadership Responsibilities for Quality within the Engagement (Engagement Partner's Role): The firm shall clearly define the engagement partner's responsibility to promote an audit culture emphasizing quality and ensure that the partner actively oversees the audit, provides guidance, and reviews significant judgments. All the team members shall confirm compliance with independence, integrity, and confidentiality standards. The firm shall assess the risk environment of Sankalp Manufacturing Ltd. before accepting the engagement, ensuring the firm has competence and resources. The Audit Plan shall provide for clear delegation of tasks and responsibilities among team members. The firm should establish consistent documentation standards for audit procedures and findings and also, conduct regular and timely reviews by the engagement partner of work performed, especially critical areas. Implementation of procedures to monitor compliance with quality standards during the audit and addressing any deviations or issues promptly to maintain audit quality. The Quality Control of the audit engagement has the following merits: Clear delegation avoids confusion and ensures accountability. Consistent documentation enhances transparency and supports conclusions. Partner's review detects errors or misstatements early. Ethical compliance strengthens independence and objectivity. Ongoing monitoring helps maintain standards and improve future audits.