Tag (SQ): Quality management

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  • 20 Marks

AAA – L3 – Q4 – Practice management

Explain why a quality management system is necessary for Sowa Accountants Ltd.

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

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  • 10 Marks

AAA – L3 – Q2 – Professional responsibility and liability

Discuss mechanisms to avoid negligence allegations for Prescilla Ltd.'s auditors.

A duty of care exists where the auditors knew (or reasonably should have foreseen at the time of auditing the financial statements) that those financial statements might be relied on for that particular purpose and that it would be reasonable for such reliance to be placed for that purpose.

To avoid successful allegations of negligence, identify the key mechanisms that the auditors of Prescilla Ltd. should have followed.

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