Discussion:SQCS 7 - for comp & reviews
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Discussion Forum Index --> Accounting Questions --> SQCS 7 - for comp & reviews
| July 3, 2008 | |
| Has anyone reviewed the details of this new standard? Will sole practitioners have to have written policies and procedures? | |
RoyDaleOne (talk|edits) said: | 3 July 2008 |
| Yes, Jan 09, if you do audits not sure about the other.
You can get a summary at the bottom of the page. | |
| July 3, 2008 | |
| It is required for firms that do compilation and review services, regardless of whether they do audits. I read the summary and it says, "the extent of documentation is based on the size, structure and nature of the firm's practice." I think sole practitioners don't need to have the system written, but I'm not positive. | |
RoyDaleOne (talk|edits) said: | 3 July 2008 |
| I am 90% sure that sole practitioners need the QC in writing, plus a bunch of other junk.
I .... myself .... approve ..... reached same conclusion I reached before ...... etc. | |
| July 3, 2008 | |
| When I was looking into auditing, I was told that I wouldn't have to have the QC system in writing. And that makes sense to me because I'm the only one who it would apply to.
I should qualify "sole practitioners" = no staff. | |
| July 3, 2008 | |
| Thanks for the info Roy. The AICPA practice aid says the documentation can be as simple as a checklist of policies for anyone else who is interested. | |
RoyDaleOne (talk|edits) said: | 4 July 2008 |
| Anything for you Nat. | |
| 4 July 2008 | |
| Could have sworn I posted. Must have been my evil twin. Anyway, if your policies are that you use the PPC guides and their policies and procedures, you are covered. That was my statement for my peer review and it was accepted. | |
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