Notice to Members
We are pleased to announce that CGA-Canada has been awarded the contract by the International Federation of Accountants (IFAC), Small and Medium Practices Committee to develop the quality control guide for small and medium accounting practices (SMPs) around the world. The Guide will assist SMPs to comply with international standards and enhance the expertise, competence and efficiency of professional accountants working in public practice by helping SMPs understand and implement the International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services.
The project's objectives, as set out in IFAC's request for proposal, include:
- Increasing the capacity of the global accountancy profession to understand and implement the standards relating to quality control at the firm and engagement level as issued by the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA);
- Enhancing the expertise, competence, and efficiency of professional accountants working in practice;
- Providing practical assistance to those engaged in conducting assurance engagements and related services in compliance with the relevant IAASB and IESBA standards so as to enhance the quality of such engagements;
- Facilitating convergence to and compliance with the relevant IAASB and IESBA standards by practitioners, member bodies and others; and
- Providing a basis for the development of other products aimed at promoting convergence and auditor competence, such as education and training materials and modules, audit software tools and electronic practice aids.
To meet these objectives the Guide will cover the following topics:
- leadership responsibility for quality control within a firm;
- ethical requirements;
- independence;
- accepting and continuing client relationships and specific assurance engagements;
- human resources;
- engagement performance, including engagement quality control review; and
- monitoring.
The Guide will be made available to IFAC member bodies and constituents of the accountancy community such as students, policy makers, researchers, international development agencies and academia. Issuance of the Guide is expected before the end of 2008.
CGA-Canada is pleased to support the adoption and convergence of International standards by contributing in this way.
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