ISQC1 Quality Control - Independence

littlepaz_2001
Mind Map by , created about 6 years ago

Mind Map on ISQC1 Quality Control - Independence, created by littlepaz_2001 on 08/20/2013.

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littlepaz_2001
Created by littlepaz_2001 about 6 years ago
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ISQC1 Quality Control - Independence
1 Establish policies and procedures designed to provide the firm with REASONABLE ASSURANCE that all personnel comply with relevant ethical requirements,
1.1 Should be in line with the fundamental principles and reinforced by:-
1.1.1 Leadership
1.1.2 Education and training
1.1.3 Monitoring
1.1.4 Process for dealing with non-compliance
2 Engagement partners provide relevant information about client engagements including SCOPE OF SERVICES
3 PERSONNEL notify the firm of circumstances and relationships
4 Accumulation and communication of relevant information to appropriate personnel
4.1 Maintain and update records relating to independence.
4.1.1 Take appropriate action regarding identified threats
5 Establish policies and procedures so that the firm has reasonable assurance that it is notified of breaches of independence requirements.
6 At least annually obtain written confirmation from all personnel of compliance with policies and procedures.
7 FAMILIARITY THREAT
7.1 Establish policies and procedures determining safeguards to reduce the familiarity level to an acceptable level when using the same senior personnel on an assurance engagement over a long period of time.
7.2 LISTED ENTITIES:- Rotation of the engagement partner and the individuals responsible for engagement quality control review.

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