SYSTEM OF QUALITY CONTROL FOR PUBLIC ACCOUNTANCY FIRMS

SYSTEM OF QUALITY CONTROL FOR PUBLIC ACCOUNTANCY FIRMS -...

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SYSTEM OF QUALITY CONTROL FOR PUBLIC ACCOUNTANCY FIRMS
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Learning Objectives: 1. Know the Philippine Standards on Quality Control (PSQC) 1 for firms that perform audits and reviews of historical financial information and other assurance and related services engagements. 2. Understand the nature of quality control system. 3. Enumerate and explain briefly the elements of a system of quality control.
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Accounting firms that perform audits and reviews of historical financial information and other assurance and related services engagements are required to establish the Systems of Quality Control in compliance with PSQC.
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Quality Control System - is a set of policies and procedures designed to provide reasonable assurance that the public accounting firm complies with professional standards.
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The firm shall establish a system of quality control designed to provide it with: reasonable assurance that the firm and its personnel comply with professional standards and regulatory and legal requirements that reports issued by the firm or engagement partners are appropriate in the circumstances.
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The nature and extent of a particular firm’s quality control policies and procedures depend on such factors: 1. Its size and nature of its policies 2. Degree of operating autonomy allowed to its personnel 3. Nature of its practice 4. Organization 5. Geographic dispersion 6. Appropriate cost/benefit consideration
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(a) Leadership responsibilities for quality within the firm; (b) Ethical requirements; (c) Acceptance and continuance of client relationships and specific engagements; (d) Human resources; (e) Engagement performance; and (f) Monitoring.
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