Monday 13 September 2010

ISQC 1 Compliance Checklists

From: AXP

Background

ISQC 1 has been in effect since 1 July 2006 and in March 2009, MIA issued a revised ISQC 1 which is effective from 1 January 2010. Has your Firm established a system of internal control to comply with the ISQC 1? Or you are not sure how and where to begin with? In response to your needs, AXP Technical Support Team decided to embark on this project with the aim of assisting you to better understand and implement ISQC 1. Then … here come the ISQC 1 compliance checklists!!

Specially for Small and Medium Practitioners …

In view of the limitation of resources to establish and maintain a system of quality control for smaller firms, ISQC 1 has included specific considerations for smaller firms. Among others, documentation and communication of policies and procedures for smaller firms may be less formal and extensive than for larger firms. For instance, smaller firms may use more informal methods in documentations, such as manual notes, checklists and forms. Therefore, we think that these ISQC 1 compliance checklists would be very helpful for you to be complied with the ISQC 1!

Furthermore, if your Firm has adopted AXP’s standard documents, you may note that certain checklists and forms required to perform an audit engagement are already available in the existing standard documents in Audit Express!

Unzip the folder ISQC Compliance Checklists.zip and you can start to fill in the forms immediately. You are advised to begin reading with 1 - ISQC Main.doc as this document entails how the entire set of checklists work. In addition, to enable you to complete these checklists easily, you are advised to do it from computers installed with Audit Express. Should you have any enquiry on how to use the checklists, please feel free to contact our Technical Support Team members.

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