To help small and midsized accounting firms cope better with implementing international auditing standards, the International Federation of Accountants has published a “Guide to Quality Control for Use by Small- and Medium-sized Practices.”
This non-authoritative implementation guide is intended to help small and midsized practices understand and efficiently apply International Standard on Quality Control 1, “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services,” as redrafted under the IFAC International Auditing and Assurance Standards Board’s Clarity Project.
Developed by CGA-Canada for IFAC’s Small and Medium Practices Committee, the guide uses an integrated case study approach to illustrate how to implement the requirements of ISQC 1, and includes two sample firm policy manuals, along with key checklists and forms.
Both Adobe PDF and Microsoft Word versions of the document can be downloaded free of charge from IFAC’s online bookstore at www.ifac.org/store.
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