Auditing and Financial Management:
August 31, 2009 letter commenting on AICPA Auditing Standards Board (ASB) June 2009 Exposure Draft of Proposed Statement on Quality Control Standards (SQCS) entitled A Firm's System of Quality Control (Redrafted)
Published: Aug 31, 2009. Publicly Released: Aug 31, 2009.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board's (ASB) proposed Statement on Quality Control Standards (SQCS) on quality control. We commend the ASB for converging its quality control standard with the International Auditing and Assurance Standards Board's (IAASB) International Standard on Quality Control (ISQC) No. 1 Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. Overall, we support the proposed statement and believe it appropriately addresses a firm's responsibilities for its system of quality control.