Quality Control Services for CPA Firms
The cornerstone of our profession as Certified Public Accountants in public practice providing attestation services hinges on our objectivity and quality which fosters the public trust our profession has been entrusted with. Our professional standards outlines a system of quality control (Statement on Quality Control Standards (SQCS) to provide a CPA firm with reasonable assurance that the firm and its personnel comply with professional standards and applicable regulatory and legal requirements, and that the firm or engagement partners issue reports that are appropriate in the circumstances. A firm’s system of quality control consists of policies designed to achieve the objectives of the system, and the procedures necessary to implement and monitor compliance with those policies. As with other internal controls (for example, an entity’s controls over financial reporting), they should be designed to provide reasonable assurance that the objectives will be achieved.
A system of quality control consists of policies designed to achieve the objectives of the system, and the procedures necessary to implement and monitor compliance with those policies. The nature, extent, and formality of a firm’s quality control policies and procedures will depend on various factors, such as the firm’s size, the number and operating characteristics of its offices, the degree of authority allowed its personnel, the knowledge and experience of its personnel, and the nature and complexity of the firm’s practice.
The Peer Review process is designed to assess the design of your firm’s system of quality control, and compliance with that system. If your firm’s system of QC has deficiencies, you may not be meeting professional standards. Whether or not you agree with the standards, you have an obligation to comply with them—or you will have to take remedial actions and be monitored by Peer Review. If your firm’s system of quality control is sufficiently deficient, you risk losing your license. Firms that struggle with engagement quality and have been referred to the AICPA Professional Ethics Division or disciplined by regulators have been shown to have substandard systems of quality control.
The Quality Control Services that CAWiggan, CPA LLC offers are to assist you design and monitor your system of quality control to ensure they meets the requirements of the quality control standards. We can also assist you in tailoring your QC procedures based on the facts and circumstances specific to your practice. We are available to assist with Quality Control Standards compliance, engagement reviews and problem resolution for small- to medium-sized CPA firms to further enhance the quality of your services provided to your clients. Learn more about our firm’s credentials and experience in quality control.
Our CPA Quality Control Services Include
- Assistance writing quality control documents.
- Assistance for firms preparing for peer review including system reviews and engagement reviews.
- Assistance in the coordination and execution of your annual engagement inspections for years intervening peer reviews pursuant to the.
- Pre-fieldwork reviews of engagement planning.
- Pre-issuance independent reviews of audit, review and compilation engagements.
- Consulting reviews of engagements to determine opportunities for increased efficiency.
- Accounting and auditing standards application and problem resolution.
- Review of audited, reviewed and compiled financial statements and accountants and auditors’ reports.
- Onsite visits to perform or discuss the results of the above services.