Quality control procedures applicable to audit engagement:
(i) leadership responsibilities for quality on audits
- engagement partner should ensure overall quality of audit engagement
(ii) ethical requirements
- every team member should comply with ethical requirements
(iii) client relationships
- independence of the audit firm should be safeguarded
(iv) assignment of engagement team
- engagement team should consist of professionals with technical skill
(v) engagement performance
- provide proper direction to team members
- supervise work of engagement team members from time to time
- review work performed by junior audit team members
(vi) consultation
- consult experts to address difficult or contentious matters
(vii) engagement quality control review
- discuss important matters with engagement quality control reviewer
(viii) monitoring
- check deficiencies in quality control system
(ix) documenting
- document every important aspect of quality control measures
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