Quality Control Standards Flashcards
What does the AICPA Code of Professional Conduct require firms providing auditing, attestation, and accounting and review services to adopt?
System of quality control
What are the 6 interrelated elements of quality control?
Human resources, engagement/client acceptance and continuance, leadership responsibilities, performance of the engagement, monitoring, and ethical requirements
How often must the lead and reviewing partner rotate off the audit?
Every 5 years
How often must all other partners rotate off the audit?
Every 7 years
How long is the time out period for the other audit partners?
2 years
The nature and extent of a firm’s quality control policies and procedures depend on?
the firm’s size and cost-benefit considerations
What relates to the conduct of each individual audit egagement?
GAAS
What relates to the conduct of all professional activities of the firm’s practice as a whole?
Quality Control Standards
Does deficiencies in quality control indicate a lack of compliance in GAAS?
No
