QUALITY ASSURANCE COMMITTEE

The Quality Assurance requirement of the profession is in place in our Accountancy Act of 2004 or R.A.9295. Our Law requires BOA to conduct an oversight review in the quality of audits of financial Statements .through an assessment of the control measures instituted by the auditors in order to ensure compliance with accounting and auditing standards and practices. PRC /BOA requires that all accredited firms conducting audits in accordance with the Philippine Standards on Auditing /international Standards on Auditing will undergo a quality control review by the BOA Quality Control Review Committee .The PICPA Committee on Quality Assurance, on the other hand is tasked to support the BOA in the implementation process of the Quality Assurance initiative by promoting and creating awareness to our practitioners this requirement. The scope of the Committee’s discussion will focus on how auditing firms will be able to comply with the requirements as covered by the standard such as leadership responsibilities for quality within the Firm, ethical requirements, acceptance and continuance of client relationship and specific engagements, human resources, engagement performance and monitoring. The BOA Quality Control Review Committee has not constituted although a Model for Quality Control Review has already been prepared covering the following:

1. Objective of Quality Review
   
   
2. Who are Covered/
   
   
3. Legal Bases
   
   
4. Structure
   
   
5. Composition of the Quality Review Committee
   
   
6. Functions of the QRC Qualifications
   
   
7. QRC Members, Audit Quality Review Team , Review
   
   
8. Review Process
   
   
9. Quality Review Mechanics and Implementation
   
   
10. Sanctions
    
    
11. Funding

Since this will be involving quality review , members of the PICPA Committee on Quality Assurance must have the experience of having gone through a quality review within the purview of our professional standards .This will give the Committee an opportunity of sharing of their own experiences which will enhance the effectiveness in implementing the Assurance initiative. Quality assurance is IFACs Statement of Membership Obligations No 1 which we need to comply with to retain our membership with IFAC.

FUNCTIONS

1. Review the BOA Model and present your comments, if any before BOA for consideration in case BOA undertakes a revision.
   
   
2. Participate in BOAs planning for implementing the Quality Assurance Model Develop course materials and illustrative documents to cover quality control.
   
   
3. Promote the Quality Assurance initiative of PICPA through our Publications Committee.
   
   
4. Roll out the Quality Assurance course to our CPAs in public practice to ensure that our practitioners will be quality review ready and compliant.
   
   
5. Develop the Committee’s Plans and Budget for approval of the Liaison Director and for submission during the Planning Conference.