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    Question

    The audit firm should implement _________ policies to ensure all audits are conducted in accordance with Audit and Assurance Standards.

    A Detection Control Correct Answer Incorrect Answer
    B Quality Control Correct Answer Incorrect Answer
    C Management Control Correct Answer Incorrect Answer
    D Internal Control Correct Answer Incorrect Answer
    E Statutory controls Correct Answer Incorrect Answer

    Solution

    The audit firm should implement quality control policies to ensure all audits are conducted in accordance with Audit and Assurance Standards. The quality control should include policies and procedures addressing the following: · leadership responsibilities for quality within the firm · ethical requirements · acceptance and continuance of client relationships and specific arrangements · human resources · engagement performance · monitoring

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