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1.0 Introduction
1. The purpose purpose of this this Intern Internati ational onal Standar Standard d on Quality Quality Control Control (ISQC) (ISQC) is to establi establish sh standards and provide guidance on a firm’s firm’s system of uality control for its practices in the areas of audit! assurance and related services. This ISQC is to be read in con"unction #ith $arts % and & of the I'%C Code of Ethics for Professional Accountants (the I'%C Code). %dditional standards and guidance on uality control procedures for specific types of engagement are set out in other pronouncements of the International %uditing and %ssurance Standards &oard (I%%S&). IS% *Quality Control for %udit +ngagements!, for e-ample! establishes establishes standards standards and provides provides guidance guidance on uality uality control control procedures procedures for audit engagements.
. The firm firm should should establish establish a system system of uality uality control control design designed ed to provide provide it #ith #ith reasonable assurance that the firm and its personnel comply #ith professional standards and applicable regulatory and legal reuirements! and that reports issued by the firm or engagement partners are appropriate in the circumstances.
. % system system of uality uality control control is a process process that consists consists of policie policiess and procedures! procedures! including including monitoring! designed to achieve the ob"ectives set out in paragraph above.
/. This This ISQC ISQC applie appliess to all firms firms00 ho#ever ho#ever!! individual individual firms firms are free free to develop develop differ differing ing policies and procedures suited to their particular circumstances provided they meet the reuirements of this ISQC. The nature! timing and e-tent of those policies and procedures #ill depend on many factors! including the sie and operating characteristics of the firm.
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2.0 Requirements 2.1 Applying, and Complying with, Relevant Requirements
1. $ersonnel #ithin the firm responsible for establishing and maintaining the firm’s system of uality control shall have an understanding of the entire te-t of this ISQC! including its application and other e-planatory material! to understand its ob"ective and to apply its reuirements properly. . The firm shall comply #ith each reuirement of this ISQC unless! in the circumstances of the firm! the reuirement is not relevant to the services provided in respect of audits and revie#s of financial statements! and other assurance and related services engagements. . The reuirements are designed to enable the firm to achieve the ob"ective stated in this ISQC. The proper application of the reuirements is therefore e-pected to provide a sufficient basis for the achievement of the ob"ective. 2o#ever! because circumstances vary #idely and all such circumstances cannot be anticipated! the firm shall consider #hether there are particular matters or circumstances that reuire the firm to establish policies and procedures in addition to those reuired by this ISQC to meet the stated ob"ective.
3.0 lements o! a "ystem o! #uality Control
The firm shall establish and maintain a system of uality control that includes policies and procedures that address each of the follo#ing elements3 (a) 4eadership responsibilities for uality #ithin the firm. The firm should promote an internal culture that recognies that uality is essential in performing engagements. &esides that develop! document and implement uality control policies and procedures and communicate those uality control policies and procedures to all engagement teams and others #ithin the firm #ho need to be a#are of them0 and give positive recognition to compliance #ith its uality control policies and procedures! and set out an appropriate disciplinary frame#or5 for non6compliance #ith those policies and procedures. 2
(b) 7elevant ethical reuirements. The firm should establish policies and procedures designed to provide it #ith reasonable assurance that the firm and its personnel comply #ith relevant ethical reuirements #hich means integrity! ob"ectivity0 professional competence and due care! confidentiality! professional behavior0 and technical standards. (c) %cceptance and continuance of client relationships and specific engagements. $olicies and procedures should be established for deciding #hether to accept or continue a client relationship and #hether to perform a specific engagement for that client. Such policies and procedures should provide the firm #ith reasonable assurance that the li5elihood of association #ith a client #hose management lac5s integrity is minimied. +stablishing such policies and procedures does not imply that a firm vouches for the integrity or reliability of a client! nor does it imply that a firm has a duty to any person or entity but itself #ith respect to the acceptance! re"ection! or retention of clients. 2o#ever! prudence suggests that a firm be selective in determining its client relationships and the professional services it #ill provide. (d) 2uman resources. % 'irm shall establish policies and procedures designed to provide it #ith 7easonable %ssurance that it has sufficient $ersonnel #ith the competence! capabilities and commitment to ethical principles necessary to perform engagements in accordance #ith $rofessional Standards and applicable legal and regulatory reuirements0 and enable the 'irm or +ngagement $artners to issue reports that are appropriate in the circumstances. (e) +ngagement performance. $olicies and procedure should e-ists to ensure that the #or5 performed by engagement personnel meets applicable professional standards! regulatory! reuirements and the firm’s standards of uality. +-ample is the firm’s director of
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accounting and auditing is available
for consultation and must approve all
engagement before their completion. (f) 8onitoring. $olicies and procedure should e-ists to ensure that the other uality control elements are being effectively applied. +-ample is the uality control partners must test the uality control procedure at least annually to ensure the firm is in compliance.
$.1 Issue that related to the quality control o! !irm % Can a Sole $ractitioner 8eet Quality
Control Standards9
The %IC$% apparently believes a sole practitioner can comply #ith uality control standards for an accounting and auditing practice. In its practice aid! Establishing and Maintaining a System of Quality Control for a CPA Firm's Accounting and Auditing Practice! it has included a section entitled! :System of Quality Control for a C$% 'irm;s %ccounting $ractice66Sole $ractitioner.: This practice aid! #hich has been revised for Statement on Quality Control Standards ) +ngagement $erformance and ?) 8onitoring. The sole practitioners can easily modify this document by inserting their name #herever reference is made to :Sole $ractitioner! C$%: and they #ill have very o#n uality control document@ &ut is that all there is to it9
that
evidence
compliance.
It
includes
engagement
documentation
that demonstrates on6the6"ob application of policies and procedures. % table in the bac5 of the practice aid identifies the li5ely location of the compliance documentation. 4
'or a sole practitioner they can hold a planning meeting and :brainstorm: potential ris5s of misstatements due to error or fraud a sole practitioner is they can plan an engagement effectively by considering :#hat could go #rong9: issues #hile completing a planning document or memorandum. Aocumenting the potential ris5s and planned audit responses before field#or5 begins demonstrates compliance #ith audit standards! #hether done by an engagement team or by a sole practitioner. To determine the solution ho# can a sole practitioner comply #ith the reuirement to revie# audit documentation #hen heBshe has performed and documented the auditing procedures is first! perform thorough self6revie# throughout the engagement andBor as the final step before report issuance. The second step is documenting the self6 revie# by completing an Engagement Revie Chec!list or #riting a memorandum describing the self6revie# process and the responses to any findings. The difficult thing is ho# can the sole practitioner find time to monitor uality control and perform the reuired :inspections: of engagements is #hen an auditor plans an engagement! one of the first steps is revie#ing the prior year;s audit documentation. This revie# can be considered the sole practitioner;s annual inspection of engagements. ith reference to a peer revie# procedural chec5list! a sole practitioner can monitor hisBher o#n uality control procedures. Aocumenting findings and any necessary corrective actions can demonstrate monitoring of uality control procedures for a fe#! or even all! of a sole practitioners attest engagements. Sole practitioner can prevent independence impairment from occurring due to a :familiarity threat: described in the %IC$%;s Conce"tual Frameor! for A#CPA #nde"endence Standards #hen there in close or longstanding relationships #ith attest clients! there is a ris5 a C$%s ob"ectivity and professional s5epticism may decrease. In these circumstances! engagement documentation should be prepared that records the details of all research and the use of outside consultants to solve accounting! auditing and reporting problems.
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&y documenting compliance #ith uality control procedures in administrative files! and in engagement files as #or5 is being performed! a sole practitioner can effectively and efficiently comply #ith uality control standards. The advantages for this sole practitioner apply the uality control standard are #ith uality control! inspection is intended to prevent faulty products reaching the customer. This approach means having specially trained inspectors! rather than every individual being responsible for his or her o#n #or5. 'urthermore! it is thought that inspectors may be better placed to find #idespread problems across an organiation. In vice versa a ma"or problem is that individuals are not necessarily encouraged to ta5e responsibility for the uality of their o#n #or5. 7e"ected product is e-pensive for a firm as it has incurred the full costs of production but cannot be sold as the manufacturer does not #ant its name associated #ith substandard product. Some re"ected product can be re6#or5ed! but in many industries it has to be scrapped D either #ay re"ects incur more costs! % uality control approach can be highly effective at preventing defective products from reaching the customer. 2o#ever! if defect levels are very high! the company;s profitability #ill suffer unless steps are ta5en to tac5le the root causes of the failures. The thing that #e need for the necessity of uality control solution are that sole proprietorship companies have realied that #ith proper uality control! a drastic decrease in variation of processes and lesser reliance on resources becomes a distinct possibility. Eust as ma"ority of processes have intricate! multiple steps! uality control is also applicable on evaluation of products! services! or processes on different tiers. Fsually uality control operations are carried out by a #ell trained team of professionals #ho are specifically hired to identify products and services that don’t meet the company’s standards of uality. These standards are devised by the company! 'A%! or ISG to ensure that the business enterprise is conducted a ccording to industry standards.
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The primary ob"ective of uality control solutions is to identify problems. Gnce a problem is identified! the uality control team may demand a temporary halt in production. This allo#s managers the time to figure out the occurrence of problems and devise solutions. In some cases! uality control teams may not ta5e the e-treme step of stopping production of the entire batch0 the team can decide on putting a stop on e-ecuting only a certain set of processes in #hich a problem has occurred. Quality management soft#are is particularly used by the management to ensure that the research! analysis! manufacturing! release! and implementation cycle of a product is tailored #ithin the boundaries of specific standards. This helps companies maintain and build upon their e-isting systems..