findings raised by the SEC, which ultimately lead to the improvement of audit firms’ quality. Figure 6: The weighted average score by total market capitalization of each element in the ISQC1, compared among
inspection results in the 3 inspection cycle (2017-2018); the score in each element of the quality control system of most audit firms was higher than that during the 2 cycle, notably the ‘monitoring’ element
basis points lower in 4Q19. The acquisition of Huntsman EO & PO assets was completed on January 3rd 2020. This is IVL’s largest and most strategic acquisition to date and is a key element of the portfolio
for quality within the firm” and “human resources” elements, as compared to the results from the 2 or 1 cycle. Meanwhile, the “ethical requirements”, an element of observations and further improvement
(2019-2021), the SEC stepped up the inspection on each element to conform with today's changing contexts. More in-depth inspections on the areas containing risks to audit quality and sustainability of
audit firms and the auditors have improved significantly on the overall audit quality and on each element of their firm-level quality control systems, compared to the results from the first-cycle audit
Questionnaire_A A.0 Risk Assessment Process for Information & Communication element: Firm's Reference /Guidance Notes Description 1 What are the quality risks in the information and communication
, acceptance and continuance of client relationships, and human resources element. Figure 8 Weighted average inspection results of quality control system by total market capitalization of audit clients, grouped
remuneration, financial disclosure, the behaviour of institutional investors, boardroom practices and the functioning of stock markets. Sound corporate governance is an essential element for promoting capital
value of business. ESG is a must- have element in today’s environment and It can contribute to sustainable business operation. Therefore, the SEC gives priority to promoting stakeholders’ awareness of the