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  • In quality control, what is engagement & client acceptance and continuance?

    This consists of policies and procedures designed to enable practitioners to have a better understanding as to whether they should accept or continue a client relationship. Engagement partner should have a good understanding of the appropriate procedures that have been set forth when determining that the client should be accepted as a prospective client, as well as the continuance of those client relationships. Some key areas of focus include:

  • What are six elements of quality control under the AICPA professional code of conduct?

    The AICPA requires every audit and accounting firm to develop their own set of quality controls to ensure that the firm sustains compliance with professional standards as well as regulatory requirements. The six elements of quality control include performance of the engagement, engagement & client acceptance and continuance, leadership responsibilities, monitoring, human resources, and ethical responsibilities:

  • Under the six elements of quality control, what is ethical requirements?

    Ethical requirements address the fact that all personnel on engagements should maintain independence in mind and in appearance, perform all professional responsibilities with integrity, and maintain objectivity in performing their professional responsibilities. Ethical requirements will consist of the following: