The Auditing Standards Board has issued a new standard on quality control that sets new criteria for quality reviews and supercedes all existing standards applying to firm quality control.
Departing from common practice and from an exposure draft that was issued last year, Statement on Quality Control Standard No. 7, A Firm's System of Quality Control, brings the American Institute of CPAs' quality control standards close to an international standard that has been proposed by the International Audit and Assurance Standards Board.
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