Fellow CPA ~ Did you know?
Standards for Quality Control Systems No. 7 requires firms to maintain a written system of quality control and to communicate its system of quality control to its personnel?
a. Monitoring of the firms system of quality control is required to be performed by the firm.
b. As part of this standard, firms are required to evaluate their engagements, set criteria to identify which engagements will be subject to quality control review and establish Engagement Quality Control Review (EQCR) procedures to review these engagements before the report is issued.
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