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Business · Accounting
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a. Appropriate accounting and auditing research requires adequate technical reference materials. Each firm professional has online password access through the firms Web site to electronic reference materials on accounting, auditing, tax, SEC, and other technical information, including industry data The partners accept responsibility for leading and promoting a quality assurance culture within the firm and for providing and maintaining a quality assurance manual and all other necessary practical aids and guidance to support engagement quality b. c. Each office of the firm shall be visited at least annually by review persons selected by the director of accounting and auditing. Procedures to be undertaken by the reviewers are illustrated by the office review program. Audit engagement team members enter their electronic signatures in the firms engagement management software to indicate the completion of specific audit d. Print Done
support engagement quality Each office of the firm shall be visited at least annually by review persons c. selected by the director of accounting and auditing Procedures to be undertaken by the reviewers are illustrated by the office review program Audit engagement team members enter their electronic signatures in the firms engagement management software to indicate the completion of specific audit program steps. At the end of the audit engagement, the engagement management software will not allow archiving of the engagement file until all audit program steps have been electronically signed At all stages of any engagement, an effort is made to involve professional staff at appropriate levels in the accounting and auditing decisions. Various approvals of the manager or senior accountant are obtained throughout the ity d. D req pon sour spons e. audit
Procedure Element of Quality Control a Monitoring Relevant ethical requirements Leadership responsibilities Human resources Leadership responsibilities b. C. e.
Element Summary of Requirements Example of a Procedure The firm should promote a culture that quality is essential in performing The firms training programs emphasize the reinforced in performance evaluation and Each partner and employee must answer an Leadership responsibilities for quality within the firm Ctone at the top) engagements and should establish policies and procedures that support importance of quality work and thisis that culture. compensation decisions All personnel on engagements should maintain independence in mind and in appearance, perform all professional responsibilities with integrity, and maintain objectivity in performing their professional Relevant ethical independence questionnaire annually and membership on boards of directors Policies and procedures should be established for deciding whether to ac A client evaluation form dealing with such icies and procedures should minimze the risk of assoclating with a client and evaluation of management, must be dealing with such things as stock ownership Acceptance and con- cept or continue a client relationship or specific engagement These pol matters as predecessor auditor comments tinuation of client re- lationships and specific
Acceptance and con- Policies and procedures should be established for deciding whether to ac-A client evaluation form, dealing with such tinuation of client re- ationships and specific cept or continue a client relationship or specific engagement. These pol matters as predecessor auditor comments icies and procedures should minimize the risk of associating with a client and evalkation of management, must be whose management lacks integrity. The firm should also only undertake prepared for every new client before engagements that can be completed with professional competence. Policies and procedures should be established to provide the firm with Each professional must be evakated on every acceptance Human resources reasonable assurance that engagement using the firms individual All new personnel should be qualfied to perform their work competendy engagement evaluation report Work is assigned to personnel who have adequate technical training All personnel should partkipate in continuing professional education and professional development activities that enable them to fulfill their assigned responsibilities
assigned responsibilities Personnel selected for advancement have the qualifications necessary for the fulfillment of their assigned responsibilities Engagement performance Policies and procedures should exist to ensure that the work performed The firms director of accounting and auditing is by engagement personnel meets applicable professional standards, legal and regulatory requirements, and the firms standards of quality available for consultation and must approve all engagements before their completion Monitoring Policies and procedures should exist to ensure that the other quality con The quality control partner must test the quality control procedures at least annualy to ensure the firm is in compliance trol elements are being effectively applied
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