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• W175492798 abstract "Small Firm Profile Of the 44,565 public practice units, 42,203, or nearly 95%, have 10 or fewer professionals and thus are considered to be small firms. Just over 23,000, or about 52%, are sole practitioners. Source: AICPA membership database, 1996. How should small firms comply with the American Institute of CPAs practice-monitoring requirements? In many small firms, having limited personnel means an individual may have to review his or her own performance. Despite the problems that could result from such a situation, a combination of internal and external monitoring can achieve an acceptable solution. In May 1996, the AICPA auditing standards board issued two statements on quality control standards that were effective January 1, 1997. SQCS no. 2, System of Quality Control for a CPA Firm's Accounting and Auditing Practice, supersedes SQCS no. 1, System of Quality Control for a CPA Firm. SQCS no. 3, Monitoring a CPA Firm's Accounting and Auditing Practice, changed the monitoring of compliance with quality control standards. Monitoring, which replaces the old inspection element and is probably the biggest change in the new standards, includes the old inspection element but has a broader meaning. Previously, inspection was generally interpreted to mean annual inspections of the quality control system. The new monitoring element involves an ongoing consideration and evaluation of that system. SQCS no. 3 provides CPAs with specific guidance on monitoring procedures. Neither the old nor the new standards require documentation of the quality control system; however, the new standards require (as did an interpretation of the old standard) documentation of the monitoring of compliance with the quality control system. Broadly, firm monitoring now includes the ongoing consideration and evaluation of * Management philosophy and the practice environment. * The relevance and adequacy of policies and procedures. * Compliance with policies and procedures. * Appropriateness of guidance materials and practice aids. * Effectiveness of professional development activities. SQCS no. 3 provides specific guidance on what monitoring procedures may include, such as * An analysis and assessment of * The relevance of new professional pronouncements to the firm's practice. * Continuing professional education and any other professional development activities. * Client and engagement acceptance and continuation decisions. * Independence confirmations. * Interviews of firm personnel. * Preissuance or postissuance review of engagements. * Inspections. Based on the monitoring results, the firm should determine if it needs to take any corrective action or make improvements, communicate those findings to appropriate personnel and follow up on any modifications made to policies and procedures on a timely basis. While monitoring procedures can, and in many firms probably will, be performed as part of an annual inspection, they don't have to be. A firm could monitor its independence confirmations in January, its compliance with CPE requirements in dune and its client and engagement acceptance every time a new client or engagement is accepted and review selected engagements in September. Whenever a firm performs monitoring procedures, it should document them. MONITORING IN SMALL FIRMS SQCS no. 3 says monitoring procedures in a small firm may be performed by the same individuals who are responsible for compliance with the quality control policies and procedures. That is, an individual can critically review his or her own performance. The statement recognizes the inherent problems of having an individual monitor his or her own compliance with the quality control system and encourages small firms to select qualified individuals outside the firm to monitor them, especially when changes have occurred in the firm, such as gaining new clients in an industry not previously served or rapid growth. …" @default.
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• W175492798 date "1997-06-01" @default.
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• W175492798 title "Monitoring a Small Firm" @default.
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