Answer to Question #126066 in Accounting for Uche David

Question

Summarize the key elements of International Standard on Quality Control (ISQC 1)

Answer 1

International standards on quality control has six key elements which include:

a)Leadership Responsibilities for Quality within the Firm which gives provides on promoting an internal culture of quality.

b)Relevant Ethical Requirements—provides guidance that ensures that the firm complies with ethical requirements.

c)Acceptance and Continuance of Client Relationships and Specific Engagements— guides on the determination of whether the firm is able to accept or continue client relationships or specific engagements.

d)Human Resources—gives guidance on managing the firm's human resources.

e)Engagement Performance - gives guidance that ensures that engagements are performed appropriately.

f)Monitoring—gives guidance on firm's quality control system and ensures that it is relevant, adequate, and operating effectively.