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Journal ArticleDOI

Quality Control Framework for Statutory Audit of Financial Statements: A Comparative Study of USA, UK and India

21 Dec 2016-Vol. 9, Iss: 2, pp 186-211
TL;DR: Quality control of audit procedure has become extremely important in today's corporate environment in the backdrop of accounting irregularities and audit failures leading to corporate demis... as discussed by the authors. But, it is difficult to verify the correctness of the audit procedure.
Abstract: Quality control of audit procedure has become extremely important in today’s corporate environment in the backdrop of accounting irregularities and audit failures leading to corporate demis...
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Book ChapterDOI
06 Mar 2015

3 citations


"Quality Control Framework for Statu..." refers background in this paper

  • ...SAS-122 (AICPA, 2012a) on ‘Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards’ deals with specific responsibilities of an auditor or in some cases, EQCR regarding the quality control procedure for an audit of the financial statement....

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  • ...At the engagement level, quality control policies are framed as per the provisions of Statement of Auditing Standard (SAS-122 (AICPA, 2012a)....

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  • ...Parameters The USA The UK India Leadership Responsibilities for Quality on Audits As per SAS-122 (AICPA, 2012a), an engagement partner assumes the leadership responsibilities of the engagement team....

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  • ...Source: Comparable Sections of SAS-122 (AICPA, 2012a), ISA-220 (FRC, 2009) and SA-220....

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  • ...(AICPA, 2012a), an engagement partner assumes the leadership responsibilities of the engagement team....

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