Considerations on Audit Firm’s Control Quality
Author:
Chris CANTWELL
JEL:
DOI:
Keywords:
ISQC 1, quality control, Code of Ethics, monitoring
Abstract:
Understanding clarified ISAs and its objectives is the key to gaining an appreciation of what audit firms need to do in order to comply with the standard.\r\nIn this article, the author presents the International Standard on Quality Control (ISQC)1, which addresses to the audit companies.\r\nThe author shows the seven key areas which, according to ICAEW – Institute of Chartered Accountants in England and Wales, summarise the coverage of the aforementioned standard and also recommends some procedures for deliver them into practice by the firms that perform audits and reviews of financial statements and other assurance and related services engagements.\r\n