SQCS 7 requires CPA firms to define the criteria for an engagement quality control review. I discussed that here.
The criteria have to be objective. …
Criteria for an engagement quality control review cannot be that you feel like itRead More »
SQCS 7 requires a policy for engagement quality control reviews in all CPA firms. There is no size cutoff. However the rules do anticipate great flexibility in establishing the criteria.
It is perfectly appropriate to fine tune the criteria so that a relatively small number of engagements would be selected. How?
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How to handle engagement quality control reviews in a small firmRead More »
Under the new rules for a quality control system, CPA firms who have accounting and auditing work (that means any compilations or reviews), must have a policy addressing engagement quality control reviews.
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One of the changes made by SQCS 7 is that the documentation of the quality control system must be in writing.
Previously the extensive documentation depended on the nature of the firm. In a smaller firm with relatively simple procedures it did not necessarily have to be in writing. That has changed. You must have something written down.
How to proceed? Three ideas.
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Quality control system documentation must be writtenRead More »