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Internal Quality Assurance in an Audit Firm: Risks and Solutions

This paper explores the risks and provides solutions for ensuring internal quality assurance in an audit firm. It discusses regulatory frameworks, allocation of responsibilities, professional and ethical responsibilities, control functions, claims and complaints, and interaction with audited entities. The importance of documentation and internal quality assurance monitoring is highlighted.

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Internal Quality Assurance in an Audit Firm: Risks and Solutions

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  1. Lomonosov Moscow State UniversitySRO of Auditors SodruzhestvoAssociation Internal Quality Assurance in an Audit Firm: Risks and Some Solutions Vladimir T. Tchaya Ph.D., Professor Chief Research Fellow Chair of Accounting, Analysis and Audit, Lomonosov Moscow State University, Member of the Board, SRO AAC Chairman of the Board on Quality Assurance, SRO AAC, Member of the Audit Council Taskforce

  2. Quality assurance requirements for audit, financial reporting reviews, assurance and other attestation engagements Regulatory framework System objective Quality assurance: allocation of responsibilities among staff and terminology used

  3. Advice to staff Professional audit engagements Professional and ethical responsibilities Allocation of control functions in the course of audit service delivery

  4. Claims and complaints Interaction with audited entities and those performing attestation engagements Quality assurance documentation. Internal quality assurance monitoring

  5. Thank you!

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