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    The document outlines the key elements of a quality control system that should be implemented by an engagement partner, including: 1) Leadership responsibilities for the engagement and ensuring procedures are performed and conclusions are appropriate. 2) Ethical requirements including maintaining independence and addressing any non-compliances. 3) Assignment of an appropriate team with sufficient competence to perform the engagement. 4) Performance of the engagement through direction, supervision, review, and obtaining sufficient evidence before reporting. 5) Monitoring procedures to review the quality control system, discuss significant matters, and ensure documentation and conclusions are appropriate.

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    The document outlines the key elements of a quality control system that should be implemented by an engagement partner, including: 1) Leadership responsibilities for the engagement and ensuring procedures are performed and conclusions are appropriate. 2) Ethical requirements including maintaining independence and addressing any non-compliances. 3) Assignment of an appropriate team with sufficient competence to perform the engagement. 4) Performance of the engagement through direction, supervision, review, and obtaining sufficient evidence before reporting. 5) Monitoring procedures to review the quality control system, discuss significant matters, and ensure documentation and conclusions are appropriate.

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    4 views1 page

    CAF 08 Chapter 23 MindMap

    Uploaded by

    ghafoormohsin942
    The document outlines the key elements of a quality control system that should be implemented by an engagement partner, including: 1) Leadership responsibilities for the engagement and ensuring procedures are performed and conclusions are appropriate. 2) Ethical requirements including maintaining independence and addressing any non-compliances. 3) Assignment of an appropriate team with sufficient competence to perform the engagement. 4) Performance of the engagement through direction, supervision, review, and obtaining sufficient evidence before reporting. 5) Monitoring procedures to review the quality control system, discuss significant matters, and ensure documentation and conclusions are appropriate.

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    CAF 08: Audit and Assurance

    Outlines:
    Chapter 23:Quality Control
    Secret Sheet for Quick Revision This chapter discusses Elements of a Quality Control System
    (For students of Muhammad Asif, FCA) which should be implemted by Engagement Partner. Premium Content
    (For Autumn 2023)

    Elements of Quality Control System

    LO 2: Leadership Responsibility LO 4: A&C Procedures LO 3: Ethical Requirements LO 5: Assignment of Team LO 6: Performance LO 7: Monitoring

    Overall responsibility for engagement: Firm shall perform A &C Procedures. Engagement Partner: Engagement partner shall ensure that team Direction, supervision and Review: Partner shall review reports on monitoring
    On Engagement Partner. remains alert throughout engagement has sufficient competence, and capability Engagement Partner shall ensure: of Quality Control System of firm.
    Partner shall: for non-compliances of ethics. If occurred, (including Expert). Direction, Supervision and Review of
    ensure that procedures are performed, determines appropriate action. engagement.
    and conclusion is appropriate. forms conclusion on independence. For Sufficient Appropriate evidence
    communicate to firm if any further this purpose, he obtains information, applies obtained before report.
    information is identified. safeguards (including withdrawal), evaluates Quality Control Review
    firm’s system.
    Consultation:
    Engagement partner shall ensure: Engagement partner shall ensure:
    Consultation on difficult matters within QC Reviewer is appointed (if required).
    LO 1: Introduction LO 8: Documentation team, with within firm or outside firm. Discuss significant matters.
    Documentation of consultation, conclusion Date report after QCR.
    and implementation.
    Objective: To implement a system to ensure engagement is Engagement Partner shall document: Quality Control Reviewer shall document: Firm shall establish procedures to require
    performed as per legal and professional standards, and 1. Conclusion on A & C Procedures. 1. Necessary procedures for QCR are performed. QC Reviewer to:
    report is appropriate. 2. Conclusions on Independence. 2. Review completed before report. Difference of opinion: Discuss significant matters.
    3. Issues identified and how resolved. 3. No unresolved matter, or inappropriate conclusion. Follow firm’s policy. Evaluate conclusions.
    4. Nature and scope of consultations. Review documentations.
    Review F/S and Report.

    For listed clients, reviewer shall also ensure:


    Independence of team.
    Consultation, and conclusions.
    Review documentation.

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