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ASQC 1 - Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements
Elements of a System of Quality ControlElements of a System of Quality Control
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Elements of a System of Quality Control
- The firm shall establish and maintain a system of quality control that includes policies and procedures that address each of the following elements:
- Leadership responsibilities for quality within the firm.
- Relevant ethical requirements.
- Acceptance and continuance of client relationships and specific engagements.
- Human resources.
- Engagement performance.
- Monitoring.
- The firm shall document its policies and procedures and communicate them to the firm’s personnel. (Ref: Para. A2‑A3)