The AICPA has provided a number of new documents to help firms improve the quality control systems and to start looking at the enhancing audit quality initiative. I’ll list a few of them. It’s easy to copy & paste and at a great price.
Tools to develop a quality-control document
Every CPA firm performing assurance services is required to have a quality-control document. That applies even if you only do comps and reviews. Even if you aren’t going through a system review.
The AICPA has free practice tools to explain the QC standards along with a sample document based on the size of the firm.
You can find the documents on this page.
You can also find a document that is geared to the size of a firm:
- Download the entire Practice Aid.
- Download the modified Firm with Multiple Offices Practice Aid
- Download the modified Firm with a Single Office Practice Aid
- Download the modified Sole Practitioner Practice Aid
Each of the documents has an explanation of the quality control standards, a sample quality control document, and the full text of Statement on Quality Control Standards (SQCS) No. 8, A Firm’s System of Quality Control (Redrafted)
Just copy, paste, and edit for a tailored QC document
Here’s a hint on how you can quickly have a tailored QC document that fits your firm perfectly. Easily. And it’s free.
Just copy the dozen pages of the sample QC document.
Paste it into your favorite word processor.
Edit it severely so it fits your firm and what you are already doing.
Develop internal procedures to do the things you haven’t done yet but are required to do.
Modify the document to explain your new procedures and specific firm.
Then you have a tailored quality-control document.
Free and legal
Oh, in addition to being free, it is also legal to copy & paste to your heart’s content.
The AICPA site has the following permission granted for these four specific documents:
AICPA encourages individuals to use the materials in developing their own system of quality control and as such we grant users permission to copy and incorporate portions of the work as necessary. This permission is for internal use only except for educational purposes. The materials or any portion thereof may not be incorporated into a for-sale work or otherwise distributed without separate written permission from the AICPA.
Easy, free, and legal. Doesn’t get better than that, huh?