Essay About Scope Ofcsqc1 And Reviews Of Financial Statements

Case Study
Case Study
qCuSaQliCty1control for firms that perform audits and reviews of financial statements, and other assurance engagements quality control for firms that
perform audits and reviews
of financial statements, and
other assurance engagements
CSQC 1.
(Effective as of December 15, 2009)
CSQC 1 contains wording that is amended from that in corresponding ISQC 1. The Preface
to the CICA Handbook –Assurance provides an explanation of these amendments.
The scope ofCSQC1 is different fromISQC1.CSQC1 applies to audits and reviews of
financial statements and other assurance engagements whereas ISQC 1 applies to
audits and reviews of financial statements and other assurance and related services
engagements.
TABLE OF CONTENTS
PARAGRAPH
Introduction
Requirements
Applying, and Complying with, Relevant Requirements . . 13-15
Elements of a SystemofQuality Control . . . . . . . . . . . . . . 16-17
Leadership Responsibilities for Quality within the Firm. . 18-19
Acceptance and Continuance of Client Relationships and
Documentation of the SystemofQuality Control . . . . . . . . 57-59
Application and Other Explanatory Material
Applying, and Complying with, Relevant Requirements . . A1
Elements of a SystemofQuality Control . . . . . . . . . . . . . . A2-A3
Leadership Responsibilities for Quality within the Firm. . A4-A6
Acceptance and Continuance of Client Relationships and
1 CSQC 1
© Canadian Institute of Chartered Accountants
Documentation of the SystemofQuality Control . . . . . . . . A73-A75
Canadian Standard on Quality Control (CSQC) 1, “Quality Control for Firms that Perform
Audits and Reviews of Financial Statements, andOther Assurance Engagements,”
should be read in conjunction with CAS 200, “Overall Objectives of the Independent
Auditor and theConduct of an Audit inAccordance with Canadian Auditing Standards.”
Introduction
Scope