Quality Management process in the Audit Firms

Author:PhD. Cosmin DOBRIN, PhD. Cristina-Raluca POPESCU

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Keywords:organizational hierarchy, quality of firms activity, Minimal audit requirements, audit procedures documentation, norm on the financial audit quality control, audit regulation

Abstract:
The audit firms are established and developed based on their size, the nature of services performed, this influencing their organization and structure. The objectives of the audit professions are represented by activity performance at the highest standards of professionalism, meeting the highest level of performance and, in general, by the observance of the public interest.\r\n\r\nThe peer review ask for every accounting and audit firm to accept the review of its quality control mechanisms and its accounting and audit practices by a similar qualified firm.\r\n\r\nThe purpose of a peer review is to determine and to report if the reviewed firm defined appropriate policies and procedures and to report on the five quality control elements, and if these are respected in practices. The accounting and audit companies should be subject of a peer review at least every three years.

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