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Quality Management-in-Finance.

Wednesday, 7 June 2017

Certified Levels of Quality in Accounting; Integration of ISO 9001:2015 with ISQC 1, ISA 220 (Revised) & NOCLAR

If you are a Professional Accountant, you already know the importance of Quality Management and Quality Control in Accounting.

There are two aspects where Quality Management & Quality Control affect accountants:

a) Internal Operations of an Accounting Firm

b) Internal Operations of the Accounting Firms Audit or Non-Audit Clients

The main standards developed by the International Federation of Accountants (IFAC), Independent Standard-Setting Boards, including The International Auditing and Assurance Standards Board IAASB and The International Ethics Standards Board for Accountants IESBA include:

  1. International Standard on Quality Control (ISQC 1), Quality Control for Firms That Perform Audits and Reviews of Financial Statements. (IAASB)
  2. International Standard on Auditing (ISA) 220 (Revised), Quality Control for an Audit of Financial Statements (IAASB)
  3. Responding to non-compliance with laws and regulations (NOCLAR) (IESBA)
NOCLAR, the most recent of the standards has great implications for accountants and the MortgageQuote (MQCC) integrated Quality Management System (iQMS™) because it affects the ability for professional accountants to work with clients whose Top Leadership govern themselves in a statutory and regulatory compliant manner.

The MQCC iQMS™ module for accounting firms ensures that a Professional Accountancy firm operates in effectively in accordance with ISQC 1 and ISA 220 (R); and the Professional Accountancy firm's Audit and Non-Audit clients function in an ecosystem that is designed to function within the NOCLAR framework.

Contact to learn more. or Visit: The global source for NOCLAR Framework and Certified Quality Management issues.

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