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Statement on Quality Control Standards (SQCS) No. 7 supersedes all existing SQCSs. This SQCS establishes standards and provides guidance for a CPA firm’s responsibilities for its system of quality control relating to its accounting and auditing practice. It describes elements of quality control and other matters essential to the effective design, implementation, and maintenance of the system. This SQCS also sets forth the meaning of certain terms used in SQCSs issued by the Auditing Standards Board in describing the professional requirements imposed on firms and practitioners-in-charge.
This SQCS is to be read in conjunction with the AICPA Code of Professional Conduct, and is effective as of January 1, 2009.