Auditing


The AICPA SEC practice section issues guidance titled Assessing the Effect on a Firm’s System of Quality Control Due to a Significant Increase in New Clients and/or Experienced Personnel ( www.aicpa.org/download/secps/020508_practaid.pdf ). Drawing from existing AICPA professional literature, the SECPS created this practice aid to help audit firms identify and resolve internal deficiencies that could arise when client rosters and new personnel rapidly increase, overburdening existing quality control systems. Areas in which such problems might appear include auditor independence, personnel management (including audit partner rotation and concurring partner review) acceptance and continuance of clients and engagements, engagement performance and quality-control monitoring.

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