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Flashcards in Quality Control Standards Deck (9)
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1

What does the AICPA Code of Professional Conduct require firms providing auditing, attestation, and accounting and review services to adopt?

System of quality control

2

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

3

How often must the lead and reviewing partner rotate off the audit?

Every 5 years

4

How often must all other partners rotate off the audit?

Every 7 years

5

How long is the time out period for the other audit partners?

2 years

6

The nature and extent of a firm's quality control policies and procedures depend on?

the firm's size and cost-benefit considerations

7

What relates to the conduct of each individual audit egagement?

GAAS

8

What relates to the conduct of all professional activities of the firm's practice as a whole?

Quality Control Standards

9

Does deficiencies in quality control indicate a lack of compliance in GAAS?

No