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. Significant 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 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.. Engagement Performance.. Monitoring.. Which of the following is an element of a pa sa firm's quality control system that should be considered in establishing its 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 of the following is an element of a CPA firm's quality control policies and procedures applicable to the firm's accounting and auditing practice?Which of the following is an element of a CPA firm's quality control policies and procedures applicable to the firm's accounting and auditing practice? Engagement performance. Engagement performance relates to policies and procedures implemented by a CPA firm to ensure quality performance of each engagement.
Which of the following elements 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 ...
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