To support SSQC 1 implementation by Small and Medium-sized Practices (SMPs), we have developed SSQC 1 Practice Guides on the six elements of SSQC 1. The SSQC 1 Practice Guides, which include the illustrative policies and procedures with various practice aid templates, will help SMPs in developing and documenting their quality control policies and procedures.
The SSQC 1 Practice Guides are issued in 2 phases. The first phase in October 2012 comprises Human Resources, Acceptance and Continuance of Client Relationships and Specific Engagements and Relevant Ethical Requirements. The second phase in January 2013 encompasses Leadership Responsibilities for Quality within the Firm, Engagement Performance and Monitoring.
This element emphasises that the firm should have sufficient personnel with the competence, capabiliites and commitment to ethical principles to perform its engagements.
Acceptance and Continuance of Client Relationships and Specific Engagements
This element emphasises that the firm will only undertake or continue relationships and engagements where the firm is competent and has the capabilities to perform the engagement, complies with relevant ethical requirements and has considered the integrity of the client.
Relevant Ethical Requirements
This element emphasises that the firm and its personnel should comply with relevant ethical requirements in the Code of Professional Conduct and Ethics under Fourth Schedule of Accountants (Public Accountants) Rules.
Leadership Responsibilities for Quality within the Firm
This element emphasises that the firm should establish policies and procedures designed to promote an internal culture recognising that quality is essential in performing engagements. Such policies and procedures shall require the firm’s chief executive officer (or equivalent) or, if appropriate, the firm’s managing board of partners (or equivalent) to assume ultimate responsibility for the firm’s system of quality control.
This element emphasises that the firm should establish policies and procedures designed to provide it with reasonable assurance that the engagements are performed in accordance with professional standards, applicable legal and regulatory requirements, and that the firm or the engagement partner issues reports that are appropriate in the circumstances.
This element emphasises that the firm should establish a monitoring process designed to provide it with reasonable assurance that the policies and procedures relating to the system of quality control are relevant, adequate and operating effectively.
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