Monitoring
, as an element of quality control policies of a firm, requires: a. Providing reasonable assurance that the firms other quality control policies and procedures are effectively operating.
Which of the following is an element of a firm’s quality control system that should be considered in establishing its quality control policies and procedures?
The quality control policies and procedures applicable to a firm’s accounting and auditing practice should encompass the following elements:
Independence, Integrity, and Objectivity
.
Personnel Management
.
Acceptance and Continuance of Clients and Engagements
.
Which element of a system of quality control is addressed by the establishment of policies and procedures designed to provide the firm with reasonable assurance that it has sufficient personnel with the competence capabilities and commitment to ethical principles?
1.13 The purpose of
the human resources element
of a system of quality control is to provide the firm with reasonable assurance that it has sufficient personnel with the capabilities, competence, and commitment to ethical principles necessary (a) to perform its engagements in accordance with professional standards and …
What aspects are most important in determining the eligibility of engagement quality control reviewers?
The criteria
against which all audits and reviews
of historical financial information and other assurance engagements will be evaluated to determine whether an EQCR should be performed; The nature, timing and extent of an EQCR; The criteria for the eligibility of engagement quality control reviewers; and.
What is PSA 220?
Philippine Standard on Auditing (PSA) 220 (Redrafted), “
Quality Control for an Audit of Financial Statements
” should be read in conjunction with PSA 200 (Revised and Redrafted), “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
What is quality control standards?
Quality standards are defined as
documents that provide requirements, specifications, guidelines, or characteristics
that can be used consistently to ensure that materials, products, processes, and services are fit for their purpose.
What are quality control standards audit?
2, System of Quality Control for a CPA Firm’s Accounting and Auditing Practice [QC section 20]. A system of quality control is broadly defined as
a process to provide the firm with reasonable assurance that its personnel comply with applicable professional standards and the firm’s standards of quality
.
What are the six elements of quality control?
- What are the 6 elements of quality control? Human resources, leadership, relevant ethical requirements, acceptance and continuance of clients relationships and specific engagement, engagement performance, monitoring.
- H: Human resource.
- R: Relevant ethical requirements.
- L: …
- A: …
- M: …
- E:
Who establishes the standards for quality control?
Firms that are enrolled in an
AICPA
-approved practice-monitoring program are obligated to adhere to quality control standards established by the AICPA.
What are the elements of quality?
- (i) Management’s commitment to quality: …
- (ii) Customer satisfaction: …
- (iii) Preventing rather than detecting defects: …
- (iv) Measurement of Quality: …
- (v) Continuous improvement: …
- (vi) Corrective action for root cause: …
- (vii) Training: …
- (viii) Recognition of high quality:
What should documentation of an engagement quality review include?
Review the documentation,
including conclusions
, of such consultations. Based on the procedures required by this standard, evaluate whether appropriate matters have been communicated, or identified for communication, to the audit committee, management, and other parties, such as regulatory bodies.
What does engagement quality control review mean?
(b) Engagement quality control review –
A process designed to provide an objective evaluation, on or before the date of the auditor’s report
, of the significant judgments the engagement team made and the conclusions it reached in formulating the auditor’s report.
What is a quality control review?
The purpose of the quality control review is
to determine whether an audit organization’s internal quality control system is in place and operating effectively
, and to provide assurance that established policies and procedures and applicable auditing standards are being followed. …
What is PSA 315?
PSA 315 (
Redrafted
) – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment.
What is the purpose of PSA 210?
Philippine Standard on Auditing (PSA) 210, “
Agreeing the Terms of Audit Engagements
” should be read in conjunction with PSA 200 (Revised and Redrafted), “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Philippine Standards on Auditing.”
What is PSA 120?
BOSS PSA-120S Power Supply
The PSA series power adapters provide 500
mA
of current to easily power multiple pedals, even digital ones, with an LED indicator for quick visual verification of on/off status.
