Statements of Position



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This proposed statement establishes the standards for performing and reporting on all reviews conducted under the quality review program. The standards are applicable to firms enrolled in the program, to individuals and firms who perform and report on reviews, to state societies that participate in the administration of the program, to associations of CPA firms that assist their members in arranging and carrying out quality reviews, and to the AICPA Quality Review Division itself. Specifically, this proposed statement: 1. Provides distinctly different performance and reporting standards for two types of quality reviews — an on-site review for firms that examine historical or prospective financial statements and an off-site review for firms that issue compilation or review reports, but perform no examinations of historical or prospective financial statements. 2. Provides guidance on general considerations applicable to all quality reviews, emphasizing the importance of independence and confidentiality and the need to avoid conflicts of interest. 3. Describes how review teams are formed and what qualifications must be possessed by review team members and the team captain. 4. Defines the responsibilities of the review team, the reviewed firm, and the entity administering the review and provides standards, procedures, and guidelines that should be followed by each participant in the process. In addition, the appendixes to this proposed statement provide guidance on considerations governing the type of report issued on each type of review and include illustrations of various reports, letters of comment, and letters of response by reviewed firms.

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Auditors' reports -- Standards -- United States; Auditing -- United States -- Reviews -- Standards


Accounting | Taxation


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

Proposed standards for performing and reporting on quality reviews ;Performing and reporting on quality reviews; Exposure draft (American Institute of Certified Public Accountants), 1988, Oct. 10



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