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In October 2007, the AICPA’s Auditing Standards Board (ASB) issued the AICPA’s Statement on Quality Control Standards (SQCS) No. 7, A Firm’s System of Quality Control, which was effective January 1, 2009.
SQCS 7 supersedes and replaces all of the previously effective QC standards and applies to any practice that performs audits, reviews, compilations or other services covered by Rules 201 or 202 of the AICPA Code of Professional Conduct.
Elements of a System of Quality Control for a Firm’s A&A Practice
SQCS 7 |
Superseded QC Standards |
Leadership responsibilities for quality within the firm |
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Relevant ethical requirements (e.g. independence, integrity, objectivity, concern for the public interest) |
Independence, integrity and objectivity |
Acceptance and continuance of
client relationships and specific engagements |
Acceptance and continuance of clients and engagements |
Human resources |
Personnel management |
Engagement performance |
Engagement performance |
Monitoring |
Monitoring |
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Click here to go to the Quality Control Standards webpage.
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