Quality Control Standards

Question 1

What does the AICPA Code of Professional Conduct require firms providing auditing, attestation, and accounting and review services to adopt?

Answer 1

System of quality control

Question 2

What are the 6 interrelated elements of quality control?

Answer 2

Human resources, engagement/client acceptance and continuance, leadership responsibilities, performance of the engagement, monitoring, and ethical requirements

Question 3

How often must the lead and reviewing partner rotate off the audit?

Answer 3

Every 5 years

Question 4

How often must all other partners rotate off the audit?

Answer 4

Every 7 years

Question 5

How long is the time out period for the other audit partners?

Answer 5

2 years

Question 6

The nature and extent of a firm’s quality control policies and procedures depend on?

Answer 6

the firm’s size and cost-benefit considerations

Question 7

What relates to the conduct of each individual audit egagement?

Answer 7

GAAS

Question 8

What relates to the conduct of all professional activities of the firm’s practice as a whole?

Answer 8

Quality Control Standards

Question 9

Does deficiencies in quality control indicate a lack of compliance in GAAS?

Answer 9

No