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Quality Control Policies and Procedures Documentation for Firms

by AICPA | Aug 17, 2016   ()

Quality Control Policies and Procedures Documentation for Firms
The peer review guidance changes outlined in the Improving Transparency and Effectiveness of Peer Review Exposure Draft were approved at the Peer Review Board’s May 3, 2016 open session (Agenda Item 1.2). As such, PRP Sections 4300 and 4400 will no longer be included in the Peer Review Program Manual beginning on January 1, 2017. Therefore, firms should be advised against using these forms as their Quality Control (QC) document going forward. We encourage reviewers to communicate these changes with their clients as soon as practicable so that firms can start transitioning their QC policies and procedures from these forms, should they need to. The AICPA has numerous resources to assist firms in this transition. The following are details and links to some of these QC tools and resources.

PCPS Toolkit

  • Free; no requirement to be an AICPA or PCPS member
  • Includes the new checklists that peer reviewers will use in 2017 to take a closer look at quality control (AICPA members only) 
  • www.aicpa.org/pcps/quality 

AICPA’s SQCS Practice Aid

AICPA’s Drive Your Competitive Edge With Audit Quality Webcast

  • Free two-hour archived webcast
  • Hear tips on how to identify and address risks in your system of quality control

ASB Quality Control Task Force Model QC Document 

  • Free model QC documents for sole proprietors and small- to medium-sized firms 
  • Contain best practices, tips and suggestions for applying the quality control standard
  • Expected to be released in June 2016

AICPA Self-Study Online Course on QC Matters 

  • Expected to be released in July 2016
Source: MICPA
Source: MICPA

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