Basic requirements for financial audit quality control

Author:PhD. Florentin CALOIAN

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Keywords:exigencies, skills, allocation, delegation, engagement, responsibility, human resources

Abstract:
Financial audit quality control is regulated by the International Standard on Quality Control (ISQC) no. 1. The scope of this standard is to establish principles and procedures in this area. This standard intends to present the auditors’ responsibilities as organizing their own quality control systems for their activity. ISQC application should be made together with the observance of the Code of ethics for the financial auditors. Audit quality control could be made at two levels: at the level of the professional body and at the audit company level. \r\n\r\nThe main elements of this quality control system for the audit activity are:\r\n- company leadership’s responsibilities for the audit quality the the audit firm level;\r\n-observance of the ethics requirements;\r\n- acceptance/continuing the relationships with the clients towards the specific engagements;\r\n- presenting the human resources of the company;\r\n- engagements accomplishing and financial audit engagement monitoring.\r\n\r\nThis standard has as a main objective to make the financial aware of their responsibilities both to their profession but also to the implications of the audited financial statements of the client firms for the national economy and for the macroeconomic indicators obtained based on these.

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