SCHEDULE 1Requirements for professional ethics, independence, objectivity, confidentiality, auditing standards and audit reporting
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1
Standards must ensure that, when A is a firm, A—
a
designates at least one key audit partner, and
b
applies as its main criteria in selecting a key audit partner—
i
the need to secure the quality of the audit,
ii
the need to secure A's independence and competence in carrying out the audit,
c
ensures the key audit partner is actively involved in carrying out the audit,
d
provides any key audit partner with sufficient resources and with personnel that have the necessary competence and capabilities to carry out their duties appropriately.
2
Standards must ensure that A devotes sufficient time to the engagement and assigns sufficient resources to enable A to carry out A's duties appropriately.