Statements of Position

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Description

Statement on Quality Control Standards (SQCS) No. 2, System of Quality Control for a CPA Firm's Accounting and Auditing Practice (AICPA, Professional Standards, vol. 2, QC sec. 20.03), is being amended to clarify that deficiencies in individual audit, attest, compilation, and review engagements do not, in and of themselves, indicate that the firm's system of quality control is insufficient to provide it with reasonable assurance that its personnel comply with applicable professional standards. By the addition of a footnote, this amendment would clarify the relationship of deficiencies in individual engagements and a firm's system of quality control. This proposed Statement amends SQCS No. 2, System of Quality Control for a CPA Firm's Accounting and Auditing Practice (AICPA, Professional Standards, vol. 2, QC sec. 20.03).

Publication Date

2002

Relational Format

Book

Keywords

Accounting -- Quality control; Auditing -- Quality control

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposed statement on quality control standards : Amendment to Statement on quality control standards no. 2, system of quality control for a CPA firm's accounting and auditing practice;Amendment to Statement on quality control standards no. 2, system of quality control for a CPA firm's accounting and auditing practice; Exposure draft (American Institute of Certified Public Accountants), 2002, May 15

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