Small firm challenge

AAA – Nov 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discussion of quality control procedures applicable to audit engagements and challenges in small firms

Question

The International Standard on Quality Control (ISQC) deals with a firm’s responsibilities for its system of quality control for audits and review of financial statements, and other assurance and related services engagements.

Required:
i) Identify and describe FOUR (4) quality control procedures that are applicable to an audit engagement. (8 marks)

ii) Discuss TWO (2) problems that may be faced in implementing quality control procedures in a small firm of Chartered Accountants. (2 marks)

Answer

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Tags: Audit Procedures, Quality control, Small firm challenge
Level: Level 3

Topic: Practice management, Professional responsibility and liability
Series: NOV 2018

Question Tag: Small firm challenge

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AAA – Nov 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discussion of quality control procedures applicable to audit engagements and challenges in small firms

AAA – Nov 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discussion of quality control procedures applicable to audit engagements and challenges in small firms

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AAA – Nov 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discussion of quality control procedures applicable to audit engagements and challenges in small firms

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AAA – Nov 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discussion of quality control procedures applicable to audit engagements and challenges in small firms

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