Accounting Firm Services

Quality Control Monitoring

ALL firms, (including sole practitioners) performing assurance engagements shall establish a quality control monitoring process.
Monitoring shall be assigned to a qualified person or persons NOT involved in performing the engagements being inspected or the file quality review.

(Refer to Canadian Standard on Quality Control (CSQC) 1 paragraphs 48-56)

CSQC 1 (para. A64) states that the purpose of monitoring compliance with quality control policies and procedures is to provide an evaluation of:

Adherence to professional standards and regulatory and legal requirements;
Whether the system of quality control has been appropriately designed and effectively implemented; and
Whether the firm’s quality control policies and procedures have been appropriately applied, so that reports that are issued by the firm or engagement partners are appropriate in the circumstances.

Hiring FocusROI to be your external monitor has some important benefits:

Compliance with the monitoring requirements in the quality control standards
An independent perspective with regard to your firms policies and procedures
Assess to highly qualified people at the partner and senior manager levels with years of experience in conducting assurance engagements and quality control reviews
Reduced costs through the use of the unique FocusROI self assessment tool.
A monitoring report specifically tailored for your firm that will draw upon our extensive experience in working with similar sized firms.
Where necessary, additional support in implementing the recommendations such as staff training sessions, office workflow improvement, writing new quality control policies and personalized partner coaching sessions.

Call Stephanie Ki at 416 594 005 x3 or email her at ski@focusROI.com for additional information and a fee quotation.

The FocusROI self assessment tool has been designed to:

Understand your practice, quality control procedures and the operating environment
Identify engagement files for inspection
Quickly identify the strengths and weaknesses in your firms quality control practices
Identify potential weaknesses in the application of GAAP and GAAS
Minimize (but not necessarily eliminate) travel and staff time costs involved with on-site reviews in smaller towns and cities.

We currently have self assessment tools for the

A self assessment tool for medium sized firms registered with CPAB is currently under development.