Isqc 1

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ISQC 1 36
INTERNATIONAL STANDARD ON QUALITY CONTROL 1
QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS
AND REVIEWS OF FINANCIAL STATEMENTS, AND OTHER
ASSURANCE AND RELATED SERVICES ENGAGEMENTS
(Effective as of December 15, 2009)
CONTENTS
Paragraph
Introduction
Scope of this ISQC ................................................................................. 1−3 Authority of this ISQC ............................................................................ 4−9 Effective Date ......................................................................................... 10 Objective ................................................................................................ 11 Definitions .............................................................................................. 12 Requirements

Applying, and Complying with, Relevant Requirements ........................ 13−15 Elements of a System of Quality Control ............................................... 16−17 Leadership Responsibilities for Quality within the Firm ........................ 18−19 Relevant Ethical Requirements ............................................................... 20−25 Acceptance and Continuance of Client Relationships and Specific Engagements .................................................................................... 26−28 Human Resources ................................................................................... 29−31 Engagement Performance ....................................................................... 32−47 Monitoring .............................................................................................. 48−56 Documentation of the System of Quality Control ................................... 57v59 Application and Other Explanatory Material

Applying, and Complying with, Relevant Requirements ........................ A1 Elements of a System of Quality Control ............................................... A2−A3 Leadership Responsibilities for Quality within the Firm ........................ A4−A6 Relevant Ethical Requirements ............................................................... A7−A17 Acceptance and Continuance of Client Relationships and Specific Engagements .................................................................................... A18−A23 QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF FINANCIAL STATEMENTS, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS 37 ISQC 1

QUALITY CONTROL
Human Resources ................................................................................... A24−A31 Engagement Performance ....................................................................... A32−A63 Monitoring .............................................................................................. A64−A72 Documentation of the System of Quality Control .................................. A73−A75 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” should be read in conjunction with ISA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing.”

QUALITY CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF FINANCIAL STATEMENTS, AND OTHER ASSURANCE AND RELATED SERVICES ENGAGEMENTS ISQC 1 38
Introduction
Scope of this ISQC
1. This International Standard on Quality Control (ISQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. This ISQC is to be read in conjunction with relevant ethical requirements. 2. Other pronouncements of the International Auditing and Assurance Standards Board (IAASB) set out additional standards and guidance on the responsibilities of firm personnel regarding quality control procedures for specific types...
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