Which element does not fall under the quality control elements required by ISQC1/ISA 220?

The correct choice of "Financial audit advice" does not fall under the quality control elements required by ISQC 1 (International Standard on Quality Control) or ISA 220 (International Standard on Auditing). These standards primarily focus on the elements necessary to maintain and improve quality in audits.

ISQC 1 outlines elements such as engagement performance, ethical requirements, and monitoring, which are essential for ensuring audit quality.

Engagement performance encompasses the processes and procedures that drive the execution of the audit, ensuring that audits are performed effectively and in compliance with applicable standards. Ethical requirements involve the adherence to professional conduct and integrity, fundamental values in maintaining trust and quality in audit engagements. Monitoring emphasizes regular review and improvement of the quality control system, ensuring that the standards are not only met but consistently refined.

In contrast, while financial audit advice might be an important service offered by audit firms, it is not a component of the quality control framework established by ISQC 1 or ISA 220. These standards specifically address the systems of quality control that firms should have in place, rather than additional services or advisory activities that may accompany audit engagements.