Quality control procedures exist to provide reasonable assurance that the firm
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Show - Obtain info to assess inherent risks and fraud What are the objectives of the quality control procedures to be adopted by an audit firm?The quality control policies and procedures applicable to a firm's accounting and auditing practice should encompass the following elements: Independence, Integrity, and Objectivity. Personnel Management. Acceptance and Continuance of Clients and Engagements.
What are the reasonable assurances that are intended to provided by accounting internal control structure?Internal control is a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance: That information is reliable, accurate and timely. Of compliance with applicable laws, regulations, contracts, policies and procedures.
Why is reasonable assurance important?The concept of reasonable assurance is significant because it should guide assessments of the validity and reliability of the financial statements by external auditors, as well as the effectiveness of internal control by management and internal audit.
What is the importance of quality control in auditing?Firstly quality control helps to ensure that a firm performs audits in accordance with the standards required by its professional body. This helps to maintain the reputation of the firm and the profession.
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