A chapter named as Quality Control in Kaplan, Chapter 4, these terms i mentioned above, i can not recognise the difference in both.
As both discuss about Supervision, direction and review.
Then whats the difference ?
Either its a scope difference or else ?
Kindly help me out in this query.
Thanks alot, Be precise and understandable.
Quality control at individual level refers to ISA 220 and Quality control at firm level refers to ISQC 1.
ISQC 1 helps audit firms to establish quality standards for their business.All the quality controls policies and procedures should be documented and communicated to the firm’s personnel. The firm should establish a system of quality control designed to provide it with reasonable assurance that the firm and its personnel comply with professional stds.
The requirement of ISQC 1 are:
1.Leadership responsibilities for quality within the firm
3. Assignment of engagement teams
ISA 220 requires firms to implement quality control procedures over individual audit engagements.The burden of this falls on the audit engagement partner who is responsible for the audit and the ultimate conclusion.
The requirements are as follows:
3.Acceptance of client relationships and specific audit engagements
4.Assignment of engagement teams
5. ENGAGEMENT PERFORMANCE
Hope this answers ur question.
Should you have any question feel free to ask.
Finally some one replied even though too late as i have cleared the concepts……thanks alot BTW.
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