Business Ethics and Corporate Governance, Second Edition

RESPONSIBILITIES OF AN AUDIT FIRM

An audit firm needs to implement appropriate quality control policies and procedures to ensure that all audits are carried out in accordance with Statements on Standard Auditing Practices, cited earlier.

The objectives of the quality control policies to be adopted by an audit firm will ordinarily incorporate the following:

• Professional requirements: Personnel in the firm are to adhere to the principles of independence, integrity, objectivity, confidentiality and professional behaviour.
• Skills and competence: The firm is to be staffed by personnel who have attained and maintained the technical standards and professional competence required to enable them to carry out their responsibilities with due care.
• Assignment: ...