美国CPA《审计与签证》知识点：ELEMENTS

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　　ELEMENTS

　　A.Human resources

　　1.criteria for recruitment，determining capabilities and competencies，assigning personnel to engagements，professional development，and performance evaluation，compensation，and advancement.

　　2.Personal management should reasonable assure：

　　a.Those hired possess the appropriate characteristics to enable them to perform competently.

　　b.Engagement partners possess the competencies necessary to fulfill engagement responsibilities.

　　c.Work is assigned to personnel having the degree of technical training and proficiency required in the circumstances.

　　d.Personnel participate in continuing professional education and other professional development activities.

　　e.Personnel selected for advancement have the qualifications to the responsibilities，and performance evaluation，compensation，advancement provide recognition and reward.

　　B.Engagement / client acceptance and continuance

　　1.Policies and procedures should be established for deciding whether to accept or continue a client relationship

　　a.Minimizes the likelihood of association with a client whose management lacks integrity.

　　b.Undertakes only those engagements the firm can complete with professional competence.

　　c.Can comply with legal and ethical requirements.

　　2.The firm should document how any issues with respect to the acceptance and continuance decision were resolved.

　　3.The firm should obtain an understanding with the client regarding the nature，scope and limitations of the services to be provided.

　　4.Policies for withdrawal

　　C.Leadership responsibilities for quality within the firm

　　The firm‘s leadership bears ultimate responsibility for the firm’s quality control system，and should create a culture that emphasizes quality.The “tone at the top” influences attitudes throughout the firm.

　　1.Quality should be emphasized over commercial considerations./2.performance evaluation demonstrate/ sufficient resources……

　　D.Performance

　　Policies and procedures should be established to：

　　1.Achieve a consistently high level of performance

　　2.Ensure that the engagement is appropriately supervised，work is appropriately reviewed.

　　3.Maintain confidentiality，safe custody，integrity，accessibility，…

　　4.Allow consultation with experts inside or outside

　　E.Monitoring

　　1.Policies and procedures should be established to assure its quality control system is good…

　　a.Monitoring involves an ongoing consideration and evaluation of the design and effectiveness of the quality control system.

　　b.A partner （or someone with appropriate expropriate experience and authority ）should bear responsibility for the monitoring process.

　　2.Monitoring procedures include the performance of engagement quality control reviews，post-issuance reviews of engagement documentation，and inspections of a selection of completed engagements.

　　e.Peer review conducted under AICPA standards

　　f.A “wrap up” or second partner “preissuance” review of the audit documentation by a partner not otherwise involved in the audit.The Sarbanes-Oxley Act requires such review/public.

　　3.The firm should take appropriate further action to address deficiencies，complaints，and allegations of noncompliance.

　　4.Monitoring procedures should be documented，including evaluation of deficiencies noted and corrective actions taken.

　　5.Peer review

　　a.Self-regulation

　　Peer review occurs when one CPA firm reviews another CPA firm‘s compliance with its quality control system.A CPA firm that is a member of the AICPA must have a peer review every three years in order to maintain membership in the AICPA.

　　Peer review every 3 years.

　　F.Ethical Requirements /independence/integrity/objectivity

　　Independence encompasses impartiality and freedom from any obligation to or interest in the client

　　d.At least annually，all firm personnel subject to independence requirements should confirm their independence in writing（paper or electronic form）

　　……

　　3.The Sarbanes-Oxley Act contains certain provisions for independence.

　　a.Audit firms may not perform the following non-audit services contemporaneously with the audit：bookkeeping，financial information systems design/implementation，appraisal/valuation services，actuarial services，internal audit outsourcing services，management/HR functions，investment services，legal services，and expert services unrelated to the audit.

　　——a.Other non-audit services（e.g.tax）may be performed/Tax services must communicate to audit committee

　　b.Audit firms may not audit public companies whose CEO，CFO，etc.，is also a previous employee of the accounting firm during the preceding year.

　　c.The lead partner and the reviewing partner must rotate off the audit every five years.

　　d.Audit firms may not enter into contingent fee arrangements.

　　e.Audit firms may not provide to audit clients any tax services related to certain confidential or aggressive tax transactions.

　　f.Audit firms may not provide any tax services to corporate officers of audit clients，or their family members.

　　g.Routine tax return preparation，tax planning，and employee personal tax services are not prohibited by SOX.

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