Quality Control for Firms that Perform Audits and Reviews of Financial Statements (ISQC 1)

ISQC 1 (International Standard on Quality Control 1) sets guidelines for audit and review firms to maintain high-quality work. It requires firms to establish a system of ongoing procedures to ensure their staff follow professional standards, are properly trained, and carry out tasks with competence. The goal is to prevent errors, maintain consistency, and uphold the firm's reputation. This involves leadership responsibility, monitoring adherence to procedures, and addressing issues promptly. Essentially, it helps firms deliver reliable financial statement reviews and audits by embedding quality control into everyday operations.