SQCSStatements on Quality Control Standards
SQCSSeed Quality Control Services (various locations)
SQCSService Quality Control System (transportation)
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EXHIBIT Evolution and Relationship of Quality Control Elements SQCS 1 Elements SQCS 2 Elements SQCS 7 Elements Leadership responsibility for quality within the firm Independence Independence, Relevant ethical integrity, and requirements objectivity Acceptance and Acceptance and Acceptance and continuation of continuation of continuation of client clients clients and relationships and specific engagements engagements Hiring Personnel management Human resources Professional development Advancement Assigning personnel to engagements Supervision Engagement Engagement performance performance Consultation Inspection Monitoring Monitoring
Like these predecessors, SQCS 7 applies only to a firm's accounting and auditing practice and should be read in conjunction with the AICPA Code of Professional Conduct.
Unlike previous standards, SQCS 7 sets forth the meaning of certain terms used in the SQCSs.
Client acceptance--Again, the new SQCS provides additional guidance on client acceptance and continuance issues.
Engagement performance--The new SQCS provides more detailed guidance on engagement supervision and review, including a requirement that more experienced team members review the work of those with less experience.
Then each firm should write (or amend) their quality control document to incorporate the requirements of SQCS No.
The expanded definition of a firm's accounting and auditing practice includes engagements performed under Statements on Standards for Attestation Engagements that were not covered under SQCS No.
The new monitoring element encompasses and expands the inspection element identified in SQCS No.
SQCS 1 fully recognizes that the "nature and extent of a firm's quality control policies and procedures depend on a number of factors.
SQCS I and related authoritative interpretations require an annual inspection; you must review completed engagements and other documentation completed over a period of time to ascertain whether your firm is effectively applying your quality control policies and procedures.
Although the latter three senior committees were represented, the quality control system described in SQCS no.
Even though the standards do not introduce any entirely new quality control elements, they do differ from the original SQCS no.