This guide was designed to promote consistent application with the International Standard on Quality Control (ISQC) 1, “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements”, as it introduces a practical approach of the method used by practitioner entities when developing quality control systems.
This guide primarily assists small and medium-sized practices in providing high-quality services to customers to enable them to better serve SMEs through:
• Assisting an entity in developing quality control system
• Enhancing consistent application of quality control requirements in audits and
reviews and other assurance and other related services engagements
• Providing a reference document for training in the entity
The guide includes suggestions on how member bodies of IFAC optimally make use of guidelines in consistence with its needs and jurisdiction, and explains the necessary procedures and steps to comply with this standard. Therefore, the guide combines requirements and application methods to provide comprehensive coverage of the International Standard on Quality Control (ISQC) 1.