International Standard on Quality Control 1 (ISQC 1)
Standard's Scope:
The standard deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. It should be read in conjunction with relevant ethical requirements.
Standard's Authority:
The standard applies to all firms of professional accountants in respect of audits and reviews of financial statements, and other assurance and related services engagements. The nature and extent of the policies and procedures developed by an individual firm to comply with this ISQC will depend on various factors such as the size and operating characteristics of the firm, and whether it is part of a network.
Elements of a System of Quality Control
1. Leadership Responsibilities for Quality within the Firm
2. Relevant ethical requirements
3. Acceptance and Continuance of Client Relationships and Specific Engagements
4. Human Resources.
5. Engagement Performance.
6. Monitoring.
Documentation of the System of Quality Control
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