Downloaded 82 times
Uploaded byRichard Clarke Academy
Audit Practice management p7
The document discusses quality control procedures for audit firms. It covers establishing a quality control system that addresses leadership responsibilities, ethical requirements, acceptance and continuance of engagements, human resources, engagement performance, monitoring, and documentation. It also discusses quality control procedures for individual audits, including direction of audit staff, hot reviews, post-audit reviews, and reviews by managers, partners and specialists.
More Related Content
![IRDA [Insurance Regulatory and Development Authority]](https://cdn.slidesharecdn.com/ss_thumbnails/ibegropu07-171025144708-thumbnail.jpg?width=640&height=640&fit=bounds)
Similar to Audit Practice management p7
Audit Practice management p7
- 1.
- 2.
- 3. Quality Control Dueskill and Care
- 4. Quality Control Dueskill and Care Technical Competence
- 5.
- 6. Quality Control Incorrect Audit Opinion Risk
- 7.
- 8. Quality Control Sued for Negligence Risk
- 9.
- 10.
- 11.
- 12.
- 13.
- 14. Quality Control Individual Audit Audit Firm
- 15. Quality Control IndividualAudit Audit Firm ISA 220
- 16. Isa 220the engagement keyquality control matters on partner
- 17. Isa 220the engagement keyquality control matters on partner • ethical standards are complied with
- 18. Isa 220the engagement keyquality control matters on partner • ethical standards are complied with • independence requirements are met
- 19. Isa 220the engagement keyquality control matters on partner • ethical standards are complied with • independence requirements are met • procedures for new engagements
- 20. Isa 220the engagement keyquality control matters on partner • ethical standards are complied with • independence requirements are met • procedures for new engagements • appropriate audit team
- 21. Isa 220the engagement keyquality 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. Isa 220the engagement keyquality 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. Isalisted company If audit of 220 engagement quality control reviewer
- 24. Isalisted company If audit of 220 engagement quality control reviewer • objective evaluation of the significant judgements
- 25. Isalisted company If audit of 220 engagement quality control reviewer • objective evaluation of the significant judgements • evaluation of the firm’s independence
- 26. Isalisted company If audit of 220 engagement 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. Isalisted company If audit of 220 engagement 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.
- 29.
- 30.
- 31.
- 32. Quality Control Individual Audit Audit Firm
- 33. Quality Control IndividualAudit Audit Firm ISA 220
- 34. Quality Control IndividualAudit Audit Firm ISA 220 ISQC 1
- 35. Quality Control IndividualAudit Audit Firm ISA 220 ISQC 1 Quality control for firms that perform audits and reviews of financial statements, and other assurance and related services engagements
- 36. ISQC 1 eachof the a system in place which addresses following :
- 37. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality
- 38. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements
- 39. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements
- 40. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources
- 41. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance
- 42. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance • Monitoring
- 43. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance • Monitoring • Documentation
- 44. ISQC 1 eachof the a system in place which addresses following : • Leadership responsibilities for quality • Ethical requirements • Acceptance and continuance of engagements • Human resources • Engagement performance • Monitoring • Documentation
- 45.
- 46. Leadership Responsibilities • Culture of Quality
- 47. Leadership Responsibilities • Culture of Quality • Appropriate experience and authority
- 48.
- 49. Ethical Requirements • comply with relevant ethical requirements
- 50. Ethical Requirements • comply with relevant ethical requirements • maintain independence & communicate to staff (identify threats and safeguards)
- 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. Acceptance and continuance of engagements
- 53. Acceptance and continuance of engagements • Competent to perform
- 54. Acceptance and continuance of engagements • Competent to perform • Capable to do so
- 55. Acceptance and continuance of engagements • Competent to perform • Capable to do so • Considered integrity of client
- 56. Acceptance and continuance of engagements • Competent to perform • Capable to do so • Considered integrity of client • Consider conflicts of interest
- 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. 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.
- 60. Human Resources • Sufficient personnel with the competence, capabilities and commitment to ethical principles
- 61. Human Resources • Sufficient personnel with the competence, capabilities and commitment to ethical principles • An appropriate engagement partner and team are assigned
- 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.
- 64. Engagememt Performance • Promote consistent quality engagement performance
- 65. Engagememt Performance • Promote consistent quality engagement performance • Supervision responsibilities
- 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. 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. Monitoring of quality control procedures
- 69. Monitoring of quality control procedures • Evaluate if any deficiencies found indicate a failing in the firm’s quality control system
- 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. Direction of Audit Staff
- 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. Review of Audit Work
- 74. Review of Audit Work
- 75. Review of Audit Work Audit
- 76. Review of Audit Work Audit Hot Review
- 77. Review of Audit Work Audit Hot Review
- 78. Review of Audit Work Audit Audit Report Hot Review
- 79. Review of Audit Work Audit Audit Report Hot Review Post Audit Review
- 80. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Audit Manager Audit Partner
- 81. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Audit Manager Audit Partner
- 82. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Audit Manager Audit Partner Modified Opinion?
- 83. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Audit Manager Audit Partner Modified Opinion? Second Partner Review
- 84. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Peer review Audit Manager Audit Partner Modified Opinion? Second Partner Review
- 85. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Peer review Audit Manager Audit Partner Modified Opinion? Second Partner Review
- 86. Review of Audit Work Audit Audit Report Hot Review Post Audit Review Peer review Audit Manager Audit Partner Review by a specialist ‘Audit review Modified Opinion? department’ Second Partner Review
Editor's Notes
- #2 \n
- #3 \n
- #4 \n
- #5 \n
- #6 \n
- #7 \n
- #8 \n
- #9 \n
- #10 \n
- #11 \n
- #12 \n
- #13 \n
- #14 \n
- #15 \n
- #16 \n
- #17 \n
- #18 \n
- #19 \n
- #20 \n
- #21 \n
- #22 \n
- #23 \n
- #24 \n
- #25 \n
- #26 \n
- #27 \n
- #28 \n
- #29 \n
- #30 \n
- #31 \n
- #32 \n
- #33 \n
- #34 \n
- #35 \n
- #36 \n
- #37 \n
- #38 \n
- #39 \n
- #40 \n
- #41 \n
- #42 \n
- #43 \n
- #44 \n
- #45 \n
- #46 \n
- #47 \n
- #48 \n
- #49 \n
- #50 \n
- #51 \n
- #52 \n
- #53 \n
- #54 \n
- #55 \n
- #56 \n
- #57 \n
- #58 \n
- #59 \n
- #60 \n
- #61 \n
- #62 \n
- #63 \n
- #64 \n
- #65 \n
- #66 \n
- #67 \n
- #68 \n
- #69 \n
- #70 \n
- #71 \n
- #72 \n
- #73 \n