Practice management p7

477 views
360 views

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
477
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
11
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • \n
  • Practice management p7

    1. 1. PracticeManagement
    2. 2. Quality Control
    3. 3. Quality Control Due skill and Care
    4. 4. Quality Control Due skill and Care Technical Competence
    5. 5. Quality Control
    6. 6. Quality Control Incorrect Audit Opinion Risk
    7. 7. Quality Control
    8. 8. Quality Control Sued for Negligence Risk
    9. 9. Quality Control
    10. 10. Quality Control
    11. 11. Quality Control
    12. 12. Quality ControlIndividual Audit
    13. 13. Quality ControlIndividual Audit
    14. 14. Quality ControlIndividual Audit Audit Firm
    15. 15. Quality Control Individual Audit Audit FirmISA 220
    16. 16. Isa 220the engagementkey quality control matters on partner
    17. 17. Isa 220the engagementkey quality control matters on partner • ethical standards are complied with
    18. 18. Isa 220the engagementkey quality control matters on partner • ethical standards are complied with • independence requirements are met
    19. 19. Isa 220the engagementkey quality control matters on partner • ethical standards are complied with • independence requirements are met • procedures for new engagements
    20. 20. Isa 220the engagementkey quality control matters on partner • ethical standards are complied with • independence requirements are met • procedures for new engagements • appropriate audit team
    21. 21. Isa 220the engagementkey quality control matters on partner • ethical standards are complied with • independence requirements are met • procedures for new engagements • appropriate audit team • appropriate management of team
    22. 22. Isa 220the engagementkey quality control matters on partner • ethical standards are complied with • independence requirements are met • procedures for new engagements • appropriate audit team • appropriate management of team • adequate consultation on difficult matters
    23. 23. Isalisted company If audit of 220engagement quality control reviewer
    24. 24. Isalisted company If audit of 220engagement quality control reviewer• objective evaluation of the significant judgements
    25. 25. Isalisted company If audit of 220engagement quality control reviewer• objective evaluation of the significant judgements• evaluation of the firm’s independence
    26. 26. Isalisted company If audit of 220engagement quality control reviewer• objective evaluation of the significant judgements• evaluation of the firm’s independence• audit documentation selected for review reflects the work performed
    27. 27. Isalisted company If audit of 220engagement quality control reviewer• objective evaluation of the significant judgements• evaluation of the firm’s independence• audit documentation selected for review reflects the work performed• Has adequate consultation on difficult matters occurred?
    28. 28. Quality Control
    29. 29. Quality Control
    30. 30. Quality ControlIndividual Audit
    31. 31. Quality ControlIndividual Audit
    32. 32. Quality ControlIndividual Audit Audit Firm
    33. 33. Quality Control Individual Audit Audit FirmISA 220
    34. 34. Quality Control Individual Audit Audit FirmISA 220 ISQC 1
    35. 35. Quality Control Individual Audit Audit FirmISA 220 ISQC 1 Quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements
    36. 36. ISQC 1 each of thea system in place which addresses following :
    37. 37. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality
    38. 38. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements
    39. 39. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements
    40. 40. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources
    41. 41. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance
    42. 42. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance • Monitoring
    43. 43. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance • Monitoring • Documentation
    44. 44. ISQC 1 each of thea system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance • Monitoring • Documentation
    45. 45. LeadershipResponsibilities
    46. 46. Leadership Responsibilities• Culture of Quality
    47. 47. Leadership Responsibilities• Culture of Quality• Appropriate experience and authority
    48. 48. EthicalRequirements
    49. 49. Ethical Requirements• comply with relevant ethical requirements
    50. 50. Ethical Requirements• comply with relevant ethical requirements• maintain independence & communicate to staff (identify threats and safeguards)
    51. 51. Ethical Requirements• comply with relevant ethical requirements• maintain independence & communicate to staff (identify threats and safeguards)• annual written confirmation from staff of compliance policies on independence.
    52. 52. Acceptance andcontinuance of engagements
    53. 53. Acceptance and continuance of engagements• Competent to perform
    54. 54. Acceptance and continuance of engagements• Competent to perform• Capable to do so
    55. 55. Acceptance and continuance of engagements• Competent to perform• Capable to do so• Considered integrity of client
    56. 56. Acceptance and continuance of engagements• Competent to perform• Capable to do so• Considered integrity of client• Consider conflicts of interest
    57. 57. Acceptance and continuance of engagements• Competent to perform• Capable to do so• Considered integrity of client• Consider conflicts of interest• Professional clearance from old auditors
    58. 58. Acceptance and continuance of engagements• Competent to perform• Capable to do so• Considered integrity of client• Consider conflicts of interest• Professional clearance from old auditors• Anti money laundering procedures
    59. 59. HumanResources
    60. 60. Human Resources• Sufficient personnel with the competence, capabilities and commitment to ethical principles
    61. 61. Human Resources• Sufficient personnel with the competence, capabilities and commitment to ethical principles• An appropriate engagement partner and team are assigned
    62. 62. Human Resources• Sufficient personnel with the competence, capabilities and commitment to ethical principles• An appropriate engagement partner and team are assigned• Auditing procedures in a manual (reinforced by training)
    63. 63. Engagememt Performance
    64. 64. Engagememt Performance• Promote consistent quality engagement performance
    65. 65. Engagememt Performance• Promote consistent quality engagement performance• Supervision responsibilities
    66. 66. Engagememt Performance• Promote consistent quality engagement performance• Supervision responsibilities• Review responsibilities (on the basis that more experienced team members review the work of less experienced team members)
    67. 67. Engagememt Performance• Promote consistent quality engagement performance• Supervision responsibilities• Review responsibilities (on the basis that more experienced team members review the work of less experienced team members)
    68. 68. Monitoring ofquality control procedures
    69. 69. Monitoring of quality control procedures• Evaluate if any deficiencies found indicate a failing in the firm’s quality control system
    70. 70. Monitoring of quality control procedures• Evaluate if any deficiencies found indicate a failing in the firm’s quality control system• Communicate deficiencies to relevant personnel, together with appropriate remedial action
    71. 71. Direction of Audit Staff
    72. 72. Direction of Audit Staff• Their responsibilities• Nature of the business of the client company• Risk-related issues• Problems that may arise with the audit and how these problems should be dealt with if they do occur
    73. 73. Review of Audit Work
    74. 74. Review of Audit Work
    75. 75. Review of Audit WorkAudit
    76. 76. Review of Audit Work AuditHot Review
    77. 77. Review of Audit Work AuditHot Review
    78. 78. Review of Audit Work Audit Audit ReportHot Review
    79. 79. Review of Audit Work Audit Audit ReportHot Review Post Audit Review
    80. 80. Review of Audit Work Audit Audit ReportHot Review Post Audit Review Audit Manager Audit Partner
    81. 81. Review of Audit Work Audit Audit ReportHot Review Post Audit Review Audit Manager Audit Partner
    82. 82. Review of Audit Work Audit Audit ReportHot Review Post Audit Review Audit Manager Audit Partner Modified Opinion?
    83. 83. Review of Audit Work Audit Audit ReportHot Review Post Audit Review Audit Manager Audit Partner Modified Opinion? Second Partner Review
    84. 84. Review of Audit Work Audit Audit Report Hot Review Post Audit ReviewPeer review Audit Manager Audit Partner Modified Opinion? Second Partner Review
    85. 85. Review of Audit Work Audit Audit Report Hot Review Post Audit ReviewPeer review Audit Manager   Audit Partner Modified Opinion? Second Partner Review
    86. 86. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Peer review Audit Manager   Audit PartnerReview by a specialist ‘Audit review Modified Opinion? department’ Second Partner Review

    ×