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If the results of the QROC's review indicate that a firm is complying with applicable professional standards and has received a quality review report issued by a reviewer approved by the SED without deficiencies, the QROC will recommend that the SED accept the firm's quality review report However, if the QROC's review reveals that a firm's quality review report includes deficiencies, or indicates that the firm was not in compliance with applicable professional standards, and if the QROC finds that the report warrants disciplinary action, the QROC may refer the firm to the Office of Professional Discipline.
Currently, under Alaska's statute, accounting and auditing engagement letters must include a similar provision regarding participation in the AICPA quality review program.
Like all auditors, CPA quality reviewers must have high integrity and be meticulous, skeptical, and experienced--even more so if they are quality review team captains.
Government Auditing Standards (the yellow book) and the AICPA bylaws now require a triennial peer or quality review for firms that perform audits (attribute 10).
How much personal liability, if any, is a reviewer exposed to when he or she volunteers to do a quality review? Assuming that the reviewer is held harmless by the reviewed firm or that state law provides the reviewer with some type of immunity, are those safeguards sufficient to protect the reviewer against allegations of wrongdoing by a client whose financial statements are being reviewed?
It's too soon to say what form the state-certified list of reviewers of CPA firms will take, as officials are currently developing regulations to implement the quality review program.
We have expressed a similar point of view as recently as the january 1990 Washington Comment, which concerned AICPA and NASBA's Memorandum of Understanding whereby state boards of accountancy with a positive enforcement program under NASBA's guidelines would accept and implement AICPA's quality review program.
In order for them not to inherit the issues accumulated within the previous system, their balances have been checked thoroughly during an asset quality review and cleaned from poor quality assets, says Simkus.
Italy-based Veneto Banca is to consider merger opportunities after an ongoing asset quality review by the European Central Bank is completed.
Finally, at some point in the future, the committee feels that quality review needs to be extended to all practice areas of the profession.
Similarly, if a project requires discretionary approvals from the city or state, it would follow historic resources regulations under New York City Environmental Quality Review, the New York State Environmental Quality Review Act and the New York State Historic Preservation Act of 1980.
The Turning Points accountability process has two major components: the Annual Assessment and the School Quality Review (SQR).
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