Peer Review A call for action

THE AICPA'S 'QUALITY-CONTROL (QC) PROGRAM FOR FIRMS WITH SEC PRACTICES' IS TRULY AN EFFECTIVE EXTERNAL QUALITY CONTROL REVIEW PROGRAM WHICH SHOULD BE WHOLEHEARTEDLY SUPPORTED BY THE PROFESSION AND EXTENDED TO SMALLER FIRMS AS WELL. PARTICIPATING FIRMS MUST DOCUMENT POLICIES FOR QC AUDIT PRACTICES. T...

Full description

Journal Title: The CPA Journal Vol. 46; no. 10; pp. 15 - 19
Author: Wayne Bremser
Format: Article
Language: English
Published: October 1976
Subjects:
Online Access: Full Text
Summary: THE AICPA'S 'QUALITY-CONTROL (QC) PROGRAM FOR FIRMS WITH SEC PRACTICES' IS TRULY AN EFFECTIVE EXTERNAL QUALITY CONTROL REVIEW PROGRAM WHICH SHOULD BE WHOLEHEARTEDLY SUPPORTED BY THE PROFESSION AND EXTENDED TO SMALLER FIRMS AS WELL. PARTICIPATING FIRMS MUST DOCUMENT POLICIES FOR QC AUDIT PRACTICES. THESE POLICIES MAY BE REVIEWED BY A QUALITY CONTROL REVIEW (QCR) TEAM, ANOTHER CPA FIRM WITH AN SEC PRACTICE, OR BY ANOTHER INDEPENDENT REVIEW FORM APPROVED BY THE QUALITY CONTROL COMMITTEE OF THE AICPA. A COMPANY MUST FILE WITH THE QCR COMMITTEE TO BE A PARTICIPATING FIRM, PAY AN ANNUAL FEE AND PARTICIPATE IN FIELD REVIEWS, AND UPDATE QC PROCEDURES AS NEEDED. THIS PROGRAM HELPS PROMOTE HIGH QUALITY-CONTROL STANDARDS, IMPROVES THE PROFESSION'S CREDIBILITY, MAINTAINS A SELF-REGULATORY STATUS IN THE ACCOUNTING PROFESSION, AND REDUCES LIABILITY EXPOSURE. ALL FIRMS COULD BENEFIT BY JOINING IN THIS APPROACH.
ISSN: 0732-8435