Category Archive for: Quality Control for an Audit of Financial Statements

QUESTIONS AND ANSWERS

Why the audit firms should implement and maintain quality control policies and procedures? Audit firms should maintain a system of quality control in order to provide reasonable assurance that: The audit firm and its staff comply with professional standards. Individual audits comply with professional standards and- legal requirements. Audit reports issued are appropriate. Discuss engagement partner’s responsibilities,…

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INTRODUCTION

Internal control includes all policies and procedures adopted by the management of an entity to assist in achieving management objective of ensuring, as far as practicable, the orderly and efficient conduct of its business. Quality control procedures represent internal controls applied to audit firms and individual audits. The objective of quality control in auditing is to provide the partners a…

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