Chapter 16 is how member firms that use VIS meet these requirements. Member firms not using VIS should use the following paragraphs as a detailed illustrative example of policies and procedures that satisfy IFAC’s requirement. Member firms not using VIS likely will have to tailor most of the following paragraphs to reflect the way the firm has addressed the consultation requirement of ISQC1.
Pay particular attention to tailor the following elements to reflect your policies, processes and positions:
The matters on which you expect consultation to occur
The means of documenting consultations
Who you expect to be consulted (numerous references to PSPs and NPPD, etc.)