We were recently asked by a user if we produced a Quality Control Manual as required by PES 1 (Code of Ethics for Assurance Practitioners), PES 3 (Quality Control for Assurance Practitioners) and ISA (NZ) 220 (Quality Control for an Audit of Financial Statements).
The user had been subject to a CAANZ review and it was told that a manual was required. After some enquiry we found that Brookers, CCH and a few others have already published a template for PS-1 compliance, which includes a section for audits. In addition NZICA/CAANZ provide resources members can use on their website (members login required).
Quality control is mandatory for all firms, and has been for some time. With the risk based approach Practice Review are expecting firms to proactively take greater responsibility for their own quality control, and the extent to which they do this is reflected in their risk assessment procedures.
The NZICA link contains a reference to the IFAC Quality Control Manual which they recommend. A direct link to this is here.
We have thought about providing an Audit Assistant Quality Control Manual in online template format like an Audit Assistant job but as a firm-wide resource.
Is this something that firms would find useful? If there is enough demand we could do this.
Please let us have your feedback.