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IQR

The document outlines an internal quality review procedures for audits including: 1) Maintaining independence, integrity, professional competence, confidentiality, and behavior in audit engagements. 2) Performing background checks and assessing competence when accepting new clients. 3) Ensuring audits are adequately planned, documented, and results communicated in a timely manner. 4) Reviewing compliance with quality control policies and procedures and documenting any non-compliance.

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Ck Bongalos Adolfo
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142 views2 pages

IQR

The document outlines an internal quality review procedures for audits including: 1) Maintaining independence, integrity, professional competence, confidentiality, and behavior in audit engagements. 2) Performing background checks and assessing competence when accepting new clients. 3) Ensuring audits are adequately planned, documented, and results communicated in a timely manner. 4) Reviewing compliance with quality control policies and procedures and documenting any non-compliance.

Uploaded by

Ck Bongalos Adolfo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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INTERNAL QUALITY REVIEW PROCEDURES

1. Independence, Integrity and Objectivity, Professional Competence and Due care,


Confidentiality, and Professional Behavior

 Ensure that independence is practiced in all audit engagements.

 Maintain objectivity and integrity in all relationships and in the performance


of audit.

 Professional competence and due care of the auditor and of the assistants must
be considered in performing the work.

 The confidentiality of all documents and information in association with the


audit should be maintained.

 Professional behavior must be observed at all times during the audit.

2. Acceptance and Continuance of Clients

 Obtain and review available financial statements regarding the prospective


client.

 Perform background checks of the proposed clients.

 Communicate with the predecessor auditor. Inquire about facts that might bear
on the integrity of the principal owners, key management and those charged
with governance of the entity.

 Assess whether the engagement team is competent to perform the audit and
has the necessary time and resources.

 Determine that acceptance of the client would not violate codes of


professional ethics.

3. Engagement Performance

 Ensure that each individual engagement is adequately planned.

 Maintain that audit procedures are performed with due professional


care.

 Ensure that audit procedures and audit results are well-documented.

 Communicate audit results to client in a timely manner.

 Ensure quality in the performance of work and services.

 Ensure the appropriateness of the auditor’s report to be issued.


4. Monitoring

 Review and test compliance with the general quality control policies and
procedures.

 Discuss general findings, recommendations and corrective actions taken or


planned with appropriate management personnel.

 Determine that planned corrective actions were taken.

 Document quality control compliance and indicate reasons for non-


compliance, if the case may be.

Signed this 22nd day of January, 2011.

CAREN KAY D. BONGALOS


Certified Public Accountant
PRC Reg. No. 121618

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