Common Review Findings & Outcomes

Firm-wide quality controls and procedures

A number of firms, particularly smaller firms, have not carried out a review of their current policies and procedures to ensure that these comply with the requirements of ISQC 1.  In order to comply with the requirements of ISQC 1, firms need to ensure that their quality control policies and procedures cover key controls on leadership responsibilities for quality, compliance with ethical requirements, engagement acceptance and continuance, human resources, engagement performance and monitoring. Firms should document these policies and procedures and ensure that all its audit personnel have read and understood them and have been given appropriate training. For more Information..