Psqc 1 Essay

8954 WordsFeb 22, 201536 Pages
PSQC 1 Auditing Standards and Practices Council Philippine Standard on Quality Control 1 QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS Conforming Amendments Glossary of Terms PSA 620, Using the Work of an Expert PAPS 1012, Auditing Derivative Financial Instruments PSQC 1 PHILIPPINE STANDARD ON QUALITY CONTROL 1 QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS (Effective as of June 15, 2006)∗ CONTENTS Paragraphs Introduction ...................................................................................................... Definitions ........................................................................................................ Elements of a System of Quality Control ........................................................ Leadership Responsibilities for Quality Within the Firm ................................ 1-5 6 7-8 9-13 Ethical Requirements ....................................................................................... 14-27 Acceptance and Continuance of Client Relationships and Specific Engagements .............................................................................................. 28-35 Human Resources ............................................................................................ 36-45 Engagement Performance ................................................................................ 46-73 Monitoring ........................................................................................................ 74-93 Documentation .................................................................................................. 94-97 Effective Date

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