common deficiencies found during our inspections for this TSQC1 element. Performance evaluation and remuneration of audit partners If a firm leader is striving for high audit quality, the SEC expects the
issues, if any. - The audit firm leader should emphasize the allocation of the time to monitoring function to enhance the effectiveness and efficiency of the monitoring. 27 In 2016, the SEC inspected 100
executive of an organization, a firm leader is ultimately responsible for the firm’s quality control system and its effectiveness. Therefore, to fulfill that responsibility, he or she has to ensure that
Certification of audit firm's leader
leader communicate its policies for quality to its personnel? If yes, describe how the firm communicates its policies and procedures to personnel. a) informal dialogue b) training seminars c) meetings d
element that the firm considers as high risk? Please describe the relevant responses to these risks. A.1 Information System: Firm's Reference /Guidance Notes Description 1 How does the firm determine what
SEC’s website. Signature of the applicant is required. (4) Certification of audit firm’s leader. Signature of audit firm’s leader is required. (5) Form 61-2F Certification and consensus of audit firm in
The Exclusion of Investment Management for Private Equity Firm from Securities Business in the Category of Private Fund Management
their audit work as a signing partner; and (4) allow capital market auditors who are unable to maintain their qualifications as a leader or a partner of an audit firm or an equivalent position to
Audit Firm Name: Subject : Monitoring Prepared by Date Particulars Reference /Guidance Notes Description A Monitoring the Firm’s Quality Control Policies and Procedures 1 Does the whole firm perform