Practical guidance on quality control procedures for small and medium sized audit firms

Firms that hold an auditing certificate must comply with the requirements of the International Standard on Quality Control (ISQC1) - Quality control for firms that perform audits and reviews of financial statements and other assurance and related services engagements.

We have developed a guide, which is designed to assist firms to implement the requirements of ISQC1 and to understand all the practical issues involved. International Standard on Quality Control 1: Practical guidance for small and medium-sized audit firms includes the following:

  • detailed guidance on all aspects of ISQC 1 implementation
  • example policies and procedures which firms can easily tailor to meet their practices' individual needs
  • a set of example forms and checklists covering: acceptance and continuance, fitness and propriety, independence, cold file review procedures and more.

Policies and procedures may be tailored on screen, and the forms and checklists may be completed either on screen or manually.

The guidance is relevant to all small and medium sized audit firms, and not just those based in the UK or Ireland. Developed with the assistance of ACCA's Practice Monitoring Directorate, the guidance is available free of charge to all ACCA's members.

To download a copy of this guidance, members should login to myACCA, and go to the 'downloads' section. You can access myACCA from the related links area of this page.