- 20 Marks
AAA – L3 – Q4 – Practice management
Explain why a quality management system is necessary for Sowa Accountants Ltd.
Question
A. To: All employees of Sowa Accountants Ltd.
From: New partner
Date:
Subject: Quality management (i) Why a system of quality management is necessary
(ii) Components that must be addressed by a system of quality management (iii) Engagements for which an engagement quality review is compulsory B.
Queries from the question and answer session
(i) Difference between a hot review and a cold review (ii) Why all audit reasons and justifications need to be documented in the audit working papers (iii) Reasons for standardised audit working papers
Find Related Questions by Tags, levels, etc.
- Tags: Audit risks, Firm reputation, ISA 220, ISQM 1, Professional standards, Quality management
- Level: Level 3
- Topic: Practice management
