Question: Quality Control is a system that relates to the concepts of professional competence and the meeting of professional standards in providing professional services. The objectives

Quality Control is a system that relates to the concepts of professional competence and the meeting of professional standards in providing professional services. The objectives of issuing International Standards on Quality Control 1 (ISQC 1) are to establish standards and provide guidance on quality control for firms that perform audits and reviews of historical financial information and other assurance and related services.

Required:

a. Explain two (2) reasons why it is important to have proper implementation of quality control at the firm level as well as at the audit engagement level. (4 marks)

b. Explain the quality control policies and procedures for the monitoring process at the firm level as set out in ISQC 1. (2 marks)

Subject : AUDIT AND ASSURANCE SERVICES

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