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This is the first of a two-part series on the elements of SSQC 1 – Engagement Performance, focusing on the components of “Planning, Supervision and Review” and “Consultation”.
In tandem with the overarching objective of Singapore Standard on Quality Control 1 (SSQC 1) Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements, the element of “Engagement Performance” pertains to policies and procedures designed to improve the quality of the engagements performed by a public accounting firm to provide it with reasonable assurance that its engagements are performed in accordance with professional standards, legal and regulatory requirements and in turn mitigate the risk of inappropriate engagement reports being issued.
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