Statements of Position

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Description

The proposed SQCS defines the engagement quality control review (often referred to as a concurring review), and requires firms to establish criteria to determine which engagements are to be subject to an engagement quality control review. It also provides guidance on policies and procedures for performing engagement quality control reviews. An engagement quality control review should include a review of the financial statements or other subject matter information and the report, and, in particular, consideration of whether the report is appropriate. An engagement quality control review also should include either (i) a discussion with the practitioner-in-charge, (ii) a review of selected working papers relating to the significant judgments the engagement team made and the conclusions they reached, or (iii) both discussion and review. The decision to review selected working papers in addition to, or instead of, discussion with the practitioner-incharge depends on the complexity of the engagement and the risk that the report might not be appropriate in the circumstances.

ISBN

ed06-07-28-Firms system of quality control, July 28, 2006

Publication Date

2006

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; Exposure draft (American Institute of Certified Public Accountants), 2006, July 28

Proposed statement on quality control standards : A Firm's system of quality control;Firm's system of quality control

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