A2 - AUDITING 2 Other Reports I MPORTANT NOTEI Students...

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IMPORTANT NOTEI 9. Class questions 107 .. 17 Students sitting for the exam prior to June 2011 should study with Topic 3, while students sitting for the exam after June 2011 should study with Topic 4. Attest engagements 88 Reporting on comparative financial statements 69 letters for underwriters 86 Quality control standards 3 Review of interim financial information 73 Compilation and review offinancial statements (post-June 2011) 40 Other Reports AUDITING 2 7. 8. 3. Compilation and review of financial statements (pre-June 2011) . 6. 2. Other engagements, reports and accounting services 10 S. 4. 1.
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Auditing 2 A2-2 NOTES Becker Professional Education I CPA Exam Review OZOlO DeVry/Becker Educational Development Corp. Al riShts re~efVed.
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Becker Professional Education I CPA Exam Review I. APPLICABILITY Auditing Z QUALITY CONTROL STANDARDS The AICPA Code of Professional Conduct requires firms providing auditing. attestation, and accounting and review services to adopt a system of quality control. A quality controi system consists of policies and procedures designed, implemented, and maintained to ensure that the firm complies with professional standards and appropriate legal and regulatory requirements, and that any reports issued are appropriate in the circumstances. Statements on Quality Control Standards (SQCS) are issued by the Auditing Standards Board to provide guidance with respect to quality control. II. ELEMENTS The six interrelated elements of quality control are: o Human resources o f;ngagementjclient acceptance and continuance o 1eadership responsibilities o ~erformance of the engagement o Monitoring o f;thical requirements "HELP MEn maintain good quality in my accounting and auditing practice. ® A. !:luman Resources 1. This element encompasses criteria for recruitment and hiring, determining capabilities and competencies, assigning personnel to engagements, professional development, and performance evaluation, compensation, and advancement. 2. Personnel management policies and procedures should be estabiished to provide the firm with reasonable assurance that: a. Those hired possess the appropriate characteristics to enable them to perform competently. b. Engagement partners possess the competencies necessary to fulfill engagement responsibilities. c. Work is assigned to personnel having the degree of technical training and proficiency required in the circumstances. d. Personnel participate in continuing professional education and other professional development activities. e. Personnel selected for advancement have the qualifications necessary to fulfill the responsibilities to be assumed, and performance evaluation, compensation, and advancement procedures provide appropriate recognition and reward. ©2010 DeVryjllecker Educational Development Corp. All rights releNed.
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This note was uploaded on 09/27/2011 for the course ACCT 540 taught by Professor Haight during the Spring '11 term at NMSU.

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A2 - AUDITING 2 Other Reports I MPORTANT NOTEI Students...

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