172070
Description
Mind Map by littlepaz_2001, updated more than 1 year ago
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Created by littlepaz_2001
over 11 years ago
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ISQC1 Quality Control - Independence
- Establish policies and procedures designed to provide the firm with
REASONABLE ASSURANCE that all personnel comply with relevant
ethical requirements,
- Should be in line with the fundamental principles and reinforced by:-
- Leadership
- Education and training
- Monitoring
- Process for dealing with non-compliance
- Leadership
- Should be in line with the fundamental principles and reinforced by:-
- Engagement partners provide relevant information about client
engagements including SCOPE OF SERVICES
- PERSONNEL notify the firm of circumstances and relationships
- Accumulation and communication of relevant information to appropriate personnel
- Maintain and update records relating to independence.
- Take appropriate action regarding identified threats
- Take appropriate action regarding identified threats
- Maintain and update records relating to independence.
- Establish policies and procedures so that the firm has reasonable
assurance that it is notified of breaches of independence
requirements.
- At least annually obtain written confirmation from all
personnel of compliance with policies and procedures.
- FAMILIARITY THREAT
- Establish policies and procedures determining safeguards to reduce
the familiarity level to an acceptable level when using the same
senior personnel on an assurance engagement over a long period of
time.
- LISTED ENTITIES:- Rotation of the engagement
partner and the individuals responsible for
engagement quality control review.
- Establish policies and procedures determining safeguards to reduce
the familiarity level to an acceptable level when using the same
senior personnel on an assurance engagement over a long period of
time.
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