Which of the following is an element of a CPA firms quality control policies and procedures?
Project Status Project completed Show
The objectives of this project were to:
The existing ISA 220 establishes basic principles and essential procedures, and provides guidance relating to quality control for both an audit firm and an individual audit engagement. It was originally envisaged that the revised ISA 220 would be similarly structured with a similar scope. However, after careful consideration, the IAASB agreed to:
The background to this project was explained in the Explanatory Memorandum to the exposure draft. IssuesSignificant issues that were addressed during the project included:
The exposure period for comments closed on August 31, 2003. In all, 39 comment letters were received. The proposed Quality Control Standards were approved at the February 2004 IAASB meeting. Which of the following are elements of a CPA firm's quality control?The six interrelated elements of quality control are: human resources, engagement/client acceptance and continuance, leadership responsibilities, performance of the engagement, monitoring, and ethical requirements.
Which of the following is an element of the CPA's quality control system that should be considered in establishing it's quality control policies and procedures?Managing human resources. Answer (C) iscorrectThe quality control element of human resources requires establishment of policies and procedures toprovide reasonable assurance that only qualified persons with the required technical training andproficiency perform the work.
Which section of the aicpa professional standards defines the elements of a system of quality control?AU-C section 220, Quality Control for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, for example, addresses quality control procedures for engagements conducted in accordance with generally accepted auditing standards.
Which element of quality control focuses on compliance with professional standards?1.14 The purpose of the engagement performance element of quality control is to provide the firm with reasonable assurance (a) that engagements are consistently performed in accordance with applicable professional standards and regulatory and legal requirements and (b) that the firm or the engagement partner issues ...
|