Guidance Manual for Audit Quality
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1. This Guidance Manual for Audit Quality deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost / financial statements, and other assurance and related services engagements. This Manual is to be read in conjunction with the requirements of the Cost and Works Accountants Act, related Regulations, the Code of Ethics and other relevant pronouncements of the Institute.
2. The objective of the firm is to establish and maintain a system of quality control to provide it with reasonable assurance that (a) the firm and its personnel comply with the professional standards and applicable legal and regulatory requirements; and (b) the reports or certificates issued by the firm or engagement partners are appropriate in the circumstances.
3. A system of quality control consists of policies designed to achieve the objective set out in paragraph 2 and the procedures necessary to implement and monitor compliance with those policies. The objective of this Manual is to guide the professional cost accountants to establish policies, procedures & systems to maintain the highest standards of quality in the assignments undertaken by them.