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Have you downloaded your free manual on International Standard on Quality Control 1?

Since June 2005 the International Standard on Quality Control 1 (ISQC 1) has required firms to establish and record quality control policies and procedures regarding audit and assurance work.
 
ACCA's practice monitoring team has now developed a practical guide, International Standard on Quality Control 1: Practical Guidance for Small- and Medium-Sized Audit Firms, to help ACCA firms across the globe implement the requirements of ISQC 1.

ISQC 1 requires firms to implement a system of quality control that should include policies and procedures addressing each of the following elements:

• leadership responsibilities for quality within the firm
• ethical requirements
• acceptance and continuance of client relationships and specific engagements
• human resources
• engagement performance
• monitoring.

Weaknesses in a firm's quality control procedures over audit and regulatory work will often result in the firm's failure to achieve a satisfactory outcome to an audit monitoring visit. The guide has been written to encourage firms to improve their quality control procedures so that they are more likely to consistently achieve a satisfactory standard in their audit and assurance work, and comply with the ethical requirements.
 
Although there are other sources of guidance on ISQC 1 available, this guide has been specifically designed by practice monitoring staff, who understand the practical difficulties encountered in implementing the standard. Because it has been written for smaller firms, sole practitioners - who often find the requirements of ISQC 1 difficult to implement - should find it particularly useful.
 
The guide includes the following features:

• detailed guidance on all aspects of ISQC 1 implementation
• example policies and procedures which firms can tailor to meet their individual needs, and
• example forms and checklists covering acceptance and continuance, fitness and propriety, independence and cold file reviews.

The guide is free to all ACCA members. To download a copy, log into myACCA and scroll down to the 'downloads' section on the screen. The guide can be downloaded from the list.

In addition, ACCA UK Professional Courses will be running a workshop on ISQC 1 implementation this year, based on ACCA's guide.
 
If you have any difficulties accessing the guide, please email pmdadmin@accaglobal.com