IFAC RELEASES NEW STATEMENT, HANDBOOK
The International Federation of Accountants (IFAC) has called for the expansion of quality control systems covering all professional services, through an International Professional Practice Statement, Assuring the Quality of Professional Services. The new statement replaces an earlier IFAC policy solely on the quality of audit services. The new statement provides that each firm be subject to an external review, by a professional body or another firm, that covers its quality control system and the quality of work in assurance engagements.
"The extension of IFAC's former guidance on quality assurance beyond the traditional audit to cover all professional services is a further demonstration of IFAC's commitment to the achievement of a profession which operates to the highest standards worldwide and meets the expectations of clients, regulators, and the public," said IFAC President Frank Harding.
This new statement is covered in the recently revised version of IFAC's Handbook of Technical Pronouncements. The handbook includes the full text of all International Standards on Auditing (ISAs) and Related Services and International Auditing Practice Statements as of July 1, 1999, as well as a code of ethics. Other guidance in the book focuses on specific practice areas, such as public sector accounting, management accounting, information technology, and education.
Among the new guidance is a new ISA on Communications of Audit Matters with Those Charged with Governance, and revised ISAs on Going Concern and Special Considerations in the Audit of Small Entities.
The full text of the statement is available through www.ifac.org. Call (212) 286-9344 for more information on the handbook. *
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