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专业班级
导师姓名
SYSTEMOFQUALITYCONTROLFORACPAFIRM’SACCOUNTINGANDAUDITING
1.01ThischapterdescribeshowaCPAfirmthathasmultipleoffices(Multi-OfficeCPAFirm)implementseachelementofqualitycontrolinitsaccountingandauditingpractice.Multi-OfficeCPAFirmisahypotheticalfirmthathas10officesin3statesandiscentrallymanaged.MultiOfficeCPAFirmhas15partners,100professionals,andaconcentrationoffinancialinstitutionclientsforwhichitperformsauditandattestservices.ThefirmusespracticeaidsthathavebeensubjectedtopeeringreviewinaccordancewithstandardsestablishedbytheAICPA.Thesepracticeaidsaresupplementedbyoralandwrittencommunicationsfromthefirm’spartners.Ithasnoissuerclients.
QUALITYCONTROLPOLICIESANDPROCEDURES
1.02Thefirm’ssystemofqualitycontrolconsistsofpoliciesdesignedtoachievetheobjectivesofthesystemandtheproceduresnecessarytoimplementandmonitorcompliancewiththosepolices.Thepoliciesandproceduresarerequiredtobedocumented.Multi-OfficeCPAFirmdocumentsitssystemofqualitycontrolbypreparingadocumentthatcomprehensivelydescribespoliciesandproceduresestablishedandmaintainedforeachelementofqualitycontrol.MultiOfficeCPAFirmreviewsthedocumentationatleastannuallyandupdatesitasnecessary.
1.03Thefirmshouldcommunicateitsqualitycontrolpoliciesandprocedurestoitspersonnel.Effectivecommunicationincludesthefollowing:
•Adescriptionofqualitycontrolpoliciesandproceduresandtheobjectivestheyaredesignedtoachieve
•Themessagethateachindividualhasapersonalresponsibilityforquality
1.04Multi-OfficeCPAFirmcommunicatesthesepoliciesandproceduresinwritingandmakesthedocumentationavailableelectronicallytoallprofessionalpersonnel.Multi-OfficeCPAFirmrequireseachindividualtobefamiliarwithandtocomplywiththesepoliciesandprocedures.Multi-OfficeCPAFirmalsoincludesproceduresforpersonneltocommunicatetheirviewsorconcernsonqualitycontrolmatterstopartners.
IfMulti-OfficeCPAFirmweretobeengagedtoperformauditservicesforanissuer,itmightneedtoreviseitsqualitycontrolpoliciesandprocedurestocomplywithPCAOB(PublicCompanyAccountingOversightBoard)standardsandtoreflectSEC(SecuritiesandExchangeCommission)requirementsapplicabletoauditsofissuers.
LEADERSHIPRESPONSIBILITIESFORQUALITYWITHINTHEFIRM
(THE“TONEATTHETOP”)
1.05Theobjectiveoftheleadershipresponsibilitieselementofasystemofqualitycontrolistopromoteaninternalculturebasedontherecognitionthatqualityisessentialinperformingengagements.Multi-OfficeCPAFirmsatisfiesthisobjectivebyestablishingandmaintainingthepoliciesandproceduresdescribedinparagraphs2.06–2.10.
1.06Policy1:
Thefirm’smanagingpartnerassumesultimateresponsibilityforthefirm’ssystemofqualitycontrol.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Havingthemanagingpartneracceptoverallresponsibilityforthefirm’ssystemofqualitycontrolandpromotingaquality-orientedculturebysendingclear,consistent,andfrequentmessagesthroughe-mails,letters,andrecordings
•Havingamissionstatementthatincludesthefirm’scorevaluesandtheimportanceofquality
•Informingpersonnelthatfailuretoadheretothefirm’spoliciesandproceduresregardingperformancequalityandcommitmenttoethicalprinciplesmayresultindisciplinaryaction
1.07Policy2:
Thefirmassignsmanagementresponsibilitiessothatcommercialconsiderationsdonotoverridethequalityoftheworkperformed.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Havingthemanagingpartnercontinuallyevaluateclientrelationshipsandspecificengagementssothatcommercialconsiderationsdonotoverridetheobjectivesofthesystemofqualitycontrol
•Emphasizingtoallpersonnelthatfeeconsiderationsandscopeofservicesshouldnotinfringeuponqualitywork
1.08Policy3:
Thefirmassignsoperationalresponsibilityforthefirm’squalitycontrolsystemtopersonnelwhohavesufficientandappropriateexperienceandabilitytoidentifyandunderstandqualitycontrolissuesandtodevelopappropriatepoliciesandprocedures,aswellasthenecessaryauthoritytoimplementthosepoliciesandprocedures.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Designatingaqualitycontrolpartnerwithoveralloperationalresponsibilityfordevelopingandimplementingappropriatepoliciesandproceduresforthefirm’squalitycontrolsystem
•Designatingaqualitycontrolindividualforeachoffice
1.09Policy4:
Thefirmdesignsproceduresaddressingperformanceevaluation,compensation,andadvancement(includingincentivesystems)withregardtopersonneltodemonstratethefirm’soverarchingcommitmenttotheobjectivesofthesystemofqualitycontrol.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Designingandimplementingperformanceevaluationandadvancementsystemsthat(a)rewardpartnersandstaffinvolvedintheaccountingandauditingpracticeforthequalityoftheirworkandtheircompliancewithprofessionalstandardsand(b)includepartnerperformancepeerevaluations.
•Establishingacompensationsystemthatprovidesincentivestoaccountingandauditingpartnersandsenior-levelemployeesforthequalityoftheiraccountingandauditingwork.
1.10Policy5:
Thefirmdevotessufficientandappropriateresourcesforthedevelopment,communication,andsupportofitsqualitycontrolpoliciesandprocedures.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Providingthedesignatedqualitycontrolpartnerwithsufficienttime,authority,andresourcestodevelop,implement,andmaintainthefirm’squalitycontrolpoliciesandprocedures
•Providingthefirm’squalitycontroldocumentationtopersonnelwhentheyareinitiallyhiredandreviewingthedocumentationwiththem
•Reviewingthefirm’squalitycontrolpoliciesandprocedureswithpersonnelatfirmtrainingsessionsatleastannually
RELEVANTETHICALREQUIREMENTS
1.11Theobjectiveoftherelevantethicalrequirementselementofasystemofqualitycontrolistoprovidethefirmwithreasonableassurancethatthefirmanditspersonnelcomplywithrelevantethicalrequirementswhendischargingprofessionalresponsibilities.Relevantethicalrequirementsincludeindependence,integrity,andobjectivity.Multi-OfficeCPAFirmsatisfiesthisobjectivebyestablishingandmaintainingthepoliciesandproceduresdescribedinparagraphs1.12–1.16.
1.12Policy1:
Personneladheretorelevantethicalrequirementssuchasthoseinregulations,interpretations,andrulesoftheAICPA,stateCPAsocieties,andstateboardsofaccountancy,statutes,theU.S.GovernmentAccountabilityOffice(GAO),andanyotherapplicableregulators.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Assigningoneofitspartnerstheresponsibilityofrespondingtoquestions,resolvingmatters,anddeterminingthecircumstancesforwhichconsultationwithsourcesoutsidethefirmisrequiredformattersrelatedtoindependence,integrity,andobjectivity
•Identifyingcircumstancesforwhichdocumentationoftheresolutionofmattersisappropriate
•Maintainingacurrentlistofallentitieswithwhichfirmpersonnelareprohibitedfromhavingafinancialorbusinessrelationshipandallactivitiesinwhichthefirmisprohibitedfromengaging,asdefinedinthefirm’sindependencepolicies
•Establishingclearandconcisewrittenindependenceguidancecoveringrelationshipsandactivitiesthatimpairindependence,includingbutnotlimitedtoinvestments,loans,brokerageaccounts,businessrelationships,employmentrelationships,andfeearrangements
1.13Policy2:
Thefirmestablishesprocedurestocommunicateindependencerequirementstofirmpersonneland,whereapplicable,otherssubjecttothem.Multi-OfficeCPAFirmimplementsthispolicythroughthefollowingprocedures:
•Havingthemanagingpartner(throughe-mails,letters,orrecordings)emphasizetheconceptsofindependence,integrity,andobjectivityinthefirm’sprofessionaldevelopmentmeetings,intheacceptanceandcontinuanceofclientsandengagements,andintheperformanceofengagements.BecauseMulti-OfficeCPAFirmhasaconcentrationoffinancialinstitutionclients,thisalsoincludesdiscussingtheapplicabilityoftheseconceptstoengagementsforfinancialinstitutions,suchastheprohibitionagainstanymemberoftheengagementteamhavinga“non-grandfathered”loanwiththeinstitution,andthetypesofnotatesservicesthatcouldaffectindependence.
•Requiringperiodicindependenceandethicstrainingforallprofessionalpersonnel.Suchtrainingcoversthefirm’sindependenceandethicspoliciesandtheindependenceandethicsrequirementsofallapplicableregulators.
•Providingfrequentremindersofprofessionalresponsibilitiestopersonnel,suchasavoidingbehaviorthatmightbeperceivedasimpairingtheirindependenceorobjectivity.
•Informingpersonnelonatimelybasisofthoseentitiestowhichindependencepoliciesapplybydoingthefollowing:
—Preparingandmaintainingalistofentitieswithwhichfirmpersonnelareprohibitedfromhavingafinancialorbusinessrelationship
—Makingthelistavailabletopersonnelsotheymayevaluatetheirindependence(includingpersonnelnewtothefirmoranoffice)
—Notifyingpersonnelofchangesinthelist
Examplesofprohibitedactivitiesincludeprov