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QC Section 10. A Firm’s System of Quality Control. (Supersedes SQCS No. 7.) Source: SQCS No. 8; SAS No. 122; SAS No. 128. Effective date: Applicable to a CPA firm's system of quality control for its accounting and auditing practice as of January 1, 2012. Introduction. Scope of This Section.
QC section 10A, A Firm's System of Quality Control (Re-drafted), is SQCS No. 8. Introduction. Scope of This Section. .01 This section addresses a CPA firm's responsibilities for its system of quality control for its accounting and auditing practice.
This publication is designed to help small to medium-sized CPA Firms better understand and apply QC Section 10, a Firm’s System of Quality Control.
In June 2022, the AICPA Auditing Standards Board (ASB) issued three interrelated standards on quality management (collectively, the QM standards). The new QM standards represent a significant change in how CPA firms will approach audit and assurance quality in the future, moving from a policies-based approach to a risk-based approach.
SQCS No. 8 supersedes QC section 10 in AICPA Professional Standards.
QC section 10, A Firm’s System of Quality Control (AICPA, Professional Standards). A firm’s system of quality control consists of policies designed to achieve the objectives of the system, and the procedures necessary to implement and monitor compliance with those policies.
Detailed comparison of the elements of quality control under QC section 10 with the components of quality management under SQMS No. 1: Note that in November 2022, the AICPA issued a quality management standards implementation checklist for firms. The “What Should I Be Doing Now” portion of this crosswalk is included in the checklist. Effective date
