Slide 6.0 Conduct Quality Control.pdf - SESSION 6.0 Conduct...

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SESSION 6.0 Conduct Quality Control Seminar on Financial Audit Manual
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Session 6 Conduct Quality Control Slide No. 2 LEARNING OBJECTIVE participants will be able to identify the documents needed for quality control review prescribed under FAM
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Strategic Planning and Risk Identification FINANCIAL AUDIT Quality Control Preliminary Engagement COA AUDIT FRAMEWORK Planning Execution Reporting
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Session 6 Conduct Quality Control Slide No. 4 ISSAI APPLICABLE TO QUALITY CONTROL Relevant Provisions of ISSAI 1220 responsibility for quality control systems, policies and procedures responsibility for the overall quality of audit engagement role of engagement team requirements for quality control date of audit report
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Session 6 Conduct Quality Control Slide No. 5 A SYSTEM OF QUALITY CONTROL QUALITY CONTROL QUALITY MANAGEMENT QUALITY ASSURANCE
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Session 6 Conduct Quality Control Slide No. 6 A SYSTEM OF QUALITY CONTROL QUALITY CONTROL QUALITY ASSURANCE QUALITY MANAGEMENT
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Session 6 Conduct Quality Control Slide No. 7 Quality Control: procedures through which an audit firm ensures that all phases of audit are carried out in compliance with professional standards Quality Assurance: Process through which the audit firm assesses and monitors quality control QUALITY CONTROL vs QUALITY ASSURANCE
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Session 6 Conduct Quality Control Slide No. 8 Quality Control Product-oriented Focus on defect identification Goal is to identify defects after a product is developed and before it is released Quality Assurance Process-oriented Focus on defect prevention Goal is to improve development and test processes QUALITY CONTROL vs QUALITY ASSURANCE
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Session 6 Conduct Quality Control Slide No. 9 QUALITY CONTROL Provides reasonable assurance that: The audit engagement is performed in compliance with professional standards and applicable legal and regulatory requirements The audit report is appropriate in the circumstances
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Session 6 Conduct Quality Control Slide No. 10 SAI has an obligation to establish and maintain a system of quality control engagement teams are responsible to
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