Quality Control Guide

The Institute of Chartered Accountants in Australia
Quality Control Guide (revised November 2009)
The Institute of Chartered Accountants

in Australia
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All information is current as at November 2009

The Institute of Chartered Accountants in Australia 2009
First published September 2006. Revised edition published December 2009.
Published by: The Institute of Chartered Accountants in Australia
Address: 33 Erskine Street, Sydney, NSW, 2000
Quality Control Guide
Third edition
ISBN 978-1-921245-53-4
Implementing quality control in practice

Foreword
The accounting profession uses the term quality control to describe the measures taken by a practice to
comply with professional and legal requirements, helping to deliver a first class service to clients. A quality
control system goes a long way towards this, encompassing a firms organisational structure, policies and
procedures.
The Institutes Quality Control Guide has been updated for the second time this year to reflect: a new
Auditing and Assurance Standards Boards (AUASB) quality control standard ASQC 1 Quality Control for
Firms that Perform Audits and Reviews of Financial Reports, Other Financial Information and Other
Assurance Engagements; along with the revised Accounting Professional and Ethical Standards Boards
(APESB) quality control standard APES 320. Both standards apply to practices that conduct assurance
engagements from 1 January 2010.
The practicality and useability of previous Quality Control Guide editions is retained in this document as it
offers a series of pro-forma documents which cover the policies and procedures of APES 320 and now
ASQC 1, which can be used to form the basis of a firms quality control system.
Establishing a quality control system has many benefits:
Standards improve as potential problem areas are identified and resolved more easily
Risks are reduced through more effective controls
Staff morale improves by having an effective, well-run practice that offers guidance and training for
staff to excel in their roles
Peace of mind is maintained through a reduced risk of litigation or professional indemnity claims (which
also keeps premiums low). A robust quality control system also bolsters the position of a member in the
event of a negligence claim
New clients are won (and existing clients are retained) due to the enhanced reputation of a firm
Better client service is delivered, with a more reliable end-product and better value for money
Profitability improves as less time is spent correcting errors
Client expectations are realistic as these are agreed formally at the start of any project
Accountability can be demonstrated by a firm via the Institutes Quality Review Program and the work
of other regulators.
Maintaining an up-to-date quality control system goes a long way to assuring your practice is operating in
the best possible working environment. An effective quality control system is an essential component of
good practice management.
This comprehensive guide can help you meet APES 320 and ASQC 1 requirements and can also be
adapted to cover other key management issues in your firm. I encourage you to use this guide fully and to
reap the rewards that a quality control system can bring.
Yours faithfully
Richard Deutsch FCA

President 2009, the Institute of Chartered Accountants in Australia
Contents
About this guide
.1
.2
3.
4.
Documentation
1.1
What you must do
1.2
About documentation
1.3
Pro-forma documents for documentation

1.3.1
Documentation policy statement
1.3.2
Checklist for developing and documenting a quality control procedure
1.3.3
Quality control hub document
1.3.4
Firm structure
1.3.5
Work paper index example
Leadership responsibilities
2.1
What you must do
2.2
About leadership responsibilities
2.3
Pro-forma documents for leadership responsibilities

2.3.1
Leadership responsibilities policy statement
2.3.2
Assignment of operational responsibility
Ethical requirements
3.1
What you must do
3.2
About ethical requirements
3.3
Pro-forma documents for ethical requirements

3.3.1
Ethical requirements policy statement
3.3.2
Annual independence confirmation
3.3.3
Independence resolution memorandum
Acceptance and continuance of client relationships

4.1
What you must do
4.2
About acceptance and continuance of client relationships
4.3
Pro-forma documents for acceptance and continuance of client relationships

4.3.1
Acceptance and continuance of client relationships policy statement
4.3.2
Client screening questions
4.3.3
New client form
4.3.4
Welcome letter
4.3.5
Ethical letter
4.3.6
New client acceptance checklist
4.3.7
Client engagement task checklist
4.3.8
Client retention checklist
4.3.9
Lost client form
4.3.10
Disengagement letter
5.
6.
7.
Human resources
5.1
What you must do
5.2
About human resources
5.3
Pro-forma documents for human resources

5.3.1
Human resources policy statement
5.3.2
Job descriptions
5.3.3
Candidate interview and evaluation checklist
5.3.4
New staff orientation checklist
5.3.5
Professional staff performance review
5.3.6
Administrative staff performance review
5.3.7
Training and development record
Engagement performance
6.1
What you must do
6.2
About engagement performance
6.3
Pro-forma documents for engagement performance

6.3.1
Engagement performance policy statement
6.3.2
Work control form
6.3.3
Specialist consultants
6.3.4
Checklist for use of outside consultants
6.3.5
Differences of opinion resolution assurance practices only
Monitoring
7.1
What you must do
7.2
About monitoring
7.3
Pro-forma documents for monitoring

7.3.1
Monitoring policy statement
7.3.2
Job review form
7.3.3
Firm feedback form
7.3.4
System review
7.3.5
Quality culture assessment
7.3.6
Client complaint record
About this guide

This guide includes:
A summary of the mandatory requirements of APES 320 Quality Control for Firms (May 2009)
A summary of the mandatory requirements of ASQC 1 Quality Control for Firms that Perform Audits and
Reviews of Financial Reports, Other Financial Information, and Other Assurance Engagements (October
2009)
Guidance and pro-forma policies and procedures.
This guide has been produced in response to requests from many smaller firms for assistance with quality control. The
pro-forma policies and procedures can be downloaded and adapted to form the basis of a firms quality control system.
As no two firms are the same, all firms need to tailor the pro-forma policies and procedures to their needs, and may wish
to add more policies and procedures to address their specific needs.
The guide focuses on quality control at the firm level. Standard working papers and work files for individual
engagements are not supplied here. However, the Institute does provide these as well. For tax and compilation
engagements follow this link: http://www.charteredaccountants.com.au/Industry-Topics/Tax/Resources-and-toolkits.aspx
(login required) to complement the documents in this guide and assist with engagement level working papers. For audit
engagements the Institute provides a range of publications, outlined on the Auditing and Assurance section of the
Institutes website. This includes an Audit Manual freely available for members, with an accompanying Toolkit that
members can purchase, as well as the Australian Audit Guide for SMSFs.
It may also be advisable to refer to other manuals (such as a human resources manual) to flow on from the documented
policies and procedures.
How to use this guide

The guide is designed to incorporate elements of quality control as set out in APES 320 (May 2009) and ASQC 1, with
both standards applicable from 1 January 2010. For each element of quality control specified in the standards, the guide
explains the APES 320 and ASQC 1 requirements and other relevant requirements. This is supplemented by a proforma policy statement and procedures/working papers that can be downloaded and adapted to your firm.
This is the third edition of the Quality Control Guide, with updates from the second edition to reflect the revision of APES
320 and issue of ASQC 1. To assist members update their quality control system a list of the changes made in this
edition is available in the Quality Review section (login required) of the Institute website.
More follows below
What sections of APES 320 and ASQC 1 apply to my

firm?
APES 320 applies to all firms.
However some of the requirements in APES 320 apply only to assurance practices. An assurance practice is defined in
APES 320 paragraph AUST6.1 as the section of the firm that encompasses every assurance engagement conducted by
the firm. In this guide, the additional requirements are labelled clearly assurance practices only.
ASQC 1 applies to all practices conducting assurance engagements.
Does my firm conduct an assurance practice?

If a firm conducts any assurance engagements, including self-managed superannuation fund or trust account audits,
then it conducts an assurance practice. Therefore it must comply with the whole of APES 320, and with ASQC 1.
An assurance engagement is defined in APES 320 paragraph AUST6.1 as one in which a practitioner expresses a
conclusion designed to enhance the degree of confidence of the intended users.
Do you conduct any of the following engagements?
Assurance engagements
Yes
No
An audit of a financial report in accordance with Australian Auditing Standards ASA 100 to 800
A review conducted in accordance with an AUASB Standard applicable to review engagements:
ASRE 2400, ASRE 2405, ASRE 2410, ASAE 3000, ASAE 3100, ASAE 3500
Audit of a self managed superannuation fund
Building Services Authority review of applicants net asset backing etc.
Trust account audits for solicitors, property agents, motor vehicle dealers, accountants, travel agents
etc.
Travel Compensation Fund and International Air Transport Association audits
Honorary audits for charities such as church groups, school associations
If you answered yes to any of these questions, your firm conducts an assurance practice. There may be other
engagements your firm conducts that also meet the definition of assurance engagement but are not listed above, so you
will need to assess whether your firm conducts an assurance practice considering all the firms engagements. For
example, an engagement certifying sophisticated investors under s. 708 of the Corporations Act (2001) may be
conducted as an audit, review or an agreed upon procedure. The former two are assurance engagements whereas the
latter is not.
How can I apply this?

You may operate a small firm where all engagements are conducted by you, or by the same team if you have staff. If
any of these engagements are assurance engagements, then you may decide to apply the whole of APES 320 and
ASQC 1 to your firm.
Alternatively, you may differentiate between your assurance practice, containing all the audit and assurance
engagements, and the other parts of the firm. This would mean applying the general requirements of APES 320 to the
whole firm, then having additional policies and procedures for the assurance practice.
How can I apply APES 320 and ASQC 1 together?

Both APES 320 and ASQC 1 are based on the current version of ISQC 1, the quality control standard issued by the
International Auditing and Assurance Standards Board. This means APES 320 and ASQC 1 are essentially the same,
despite different drafting formats which make them appear quite different.

A practice that conducts assurance engagements and therefore needs to comply with both APES 320 and ASQC 1
should find that once it is complying with revised APES 320, it is also complying with ASQC 1. Each chapter of this
guide quotes from both the APES 320 mandatory requirements and those from ASQC 1. Where there are any
differences in wording these are identified with the APES 320 wording in red, and the ASQC 1 wording in green. From
reading through these chapters you will see the differences are minimal.
More background and information on the two quality control standards can be found on the Institutes website.
Implementing a quality control system

In developing and implementing a system of quality control, the basic steps will vary from one firm to another.
The following may serve as a checklist in the initial stages of design and development:
Set objectives for the quality control system
Determine the present quality control policies and procedures in operation
Determine and document your required quality control policies based on the elements in APES 320/ASQC 1
Determine and document the procedures to implement those quality control policies
Prepare or update standard forms or formats, files and related manuals
Communicate the quality control policies and procedures to all staff in a manner that will provide reasonable
assurance that they are understood
Monitor the effectiveness of the system by evaluating, on a timely basis, the policies and procedures, assignment
of responsibilities, and communication avenues.
Chapter 1: Documentation
1.1 What you must do
Firms that conduct assurance engagements are required to comply with APES 320 and ASQC 1. Firms that do
not conduct any assurance engagements are required to comply only with APES 320.
A/The firm shall document its policies and procedures and communicate them to the firms personnel. (APES 320 paragraph 11, ASQC
1 paragraph 17)
A/The firm shall establish policies and procedures requiring appropriate documentation to provide evidence of the operation of each
element of its system of quality control. (APES 320 paragraph 124, ASQC 1 paragraph 57)
A/The firm shall establish policies and procedures that require retention of documentation for a period of time sufficient to permit those
performing monitoring procedures to evaluate the firms compliance with its system of quality control, or for a longer period if required by
law or regulation. (APES 320 Paragraph 128, ASQC 1 paragraph 58)
Supporting commentary
APES 320 paragraphs 12 13 and 125 127 http://www.charteredaccountants.com.au/files/documents/APES320.pdf
ASQC 1 paragraphs A2 A3 and A73 A75 https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards
1.2 About documentation

Much of quality control relates to documentation with good reason. If a negligence claim needs to be
defended, the member is much more likely to succeed if the firms quality control system is clearly
documented and the reasons for actions were effectively documented at the time the engagement was
completed.
So that adequate documentation is prepared and maintained, it is important that the firm documents its policies and
procedures, and that these policies and procedures specify the level of documentation required. This is essential to
provide evidence the firms quality control system is working, and as support for each engagement. To prevent staff
building up a backlog of paperwork, it is important that work is documented while the work is in progress.
Exactly how matters are documented is the firms decision. Smaller firms may incorporate less formal methods such as
notes and memos, as well as checklists and forms. Documentation may be electronic, hard copy or a combination and
must be maintained for an appropriate period. You can find useful links on document retention periods in Chapter 6.
Example: adopting a working paper file index

Arranging papers in the relevant sequence can appear to add time to the end of a compilation engagement. But
with the appropriate training and leadership direction, staff begin to think in the same sequence as the index.
Dividers are set up at the start of a job, and work papers are filed as each section is completed. This procedure has
several benefits:
Helps reduce review time
Acts as a completion checklist with sign-off by the accountant
Evidences a partners review
Makes documents easy to refer back to in future years
Looks professional when reviewing financials with the client.
Tip: practice management systems

Some firms choose to use a state-of-the-art practice management system, such as:
HowNow, by businessfitness http://www.businessfitness.net/au/products_services.htm
Advance, by APS www.quicken.com.au/accountingprofessionals
Knowledge Shop, by Hayes Knight www.knowledgeshop.com.au
Mentor, by Chan & Naylor www.cnenvision.com.au
Members are reminded that it remains their responsibility to ensure their practice management system complies with APES
320/ASQC 1 and all other professional and technical requirements.
Hint: further guidance for assurance practices

The Auditing and Assurance section of the Institutes website contains a range of tools and resources for auditors including the
Institutes Audit Manual and Toolkit, and the Australian Audit Guide for SMSFs. These tools incorporate proforma policies and
procedures for audit engagements, including checklists and templates.
1.3 Pro-forma documents for documentation

These documents can be useful when developing documentation policy and supporting procedures. They
are Microsoft Word documents and can be tailored to individual firms.
Documentation policy statement
Checklist for developing and documenting a quality control procedure
Quality control hub document
Firm structure
Work paper index example
1.3.1 Documentation policy statement

Instructions
Your firm is required to document its policy on documentation to comply with APES 320/ASQC 1. You may like to adapt this policy
statement to your firms situation.
The firm requires that appropriate documentation be in place to provide evidence of the operation of each element of its
system of quality control.
The firms quality control guide, containing all policies and procedures, is made available to all team members (in soft
copy and hard copy) and feedback on the quality control system is encouraged.
All team members have a responsibility for quality in the firm and are expected to comply with all policies and
procedures. Any changes to the quality control manual and/or the firms policies and procedures will be explained to
members at the weekly team meetings.
Documents relating to the quality control system will be retained for at least 7/8 years.
1.3.2 Checklist for developing and

documenting a quality control procedure
Instructions
You may like to use this checklist as a sign-off that procedures have been designed and documented consistently and following the
documentation policy.
Date and initial on completion
1. Document the objective of the procedure
_______________________
2. Develop/document the rules that must be followed
_______________________
3. Document the procedures in the order in which
_______________________
they are to be completed on a sequential basis

4. Have another team member review the sequence
_______________________
of the procedures for logical progression and clarity
5. Complete any necessary documents
_______________________
6. Prepare any supporting documents, checklists,
_______________________
form precedents and standard letters

7. Finalise all documentation
_______________________
8. Implement and test procedure
_______________________
9. Review, fine tune and amend documentation
_______________________
10. Adopt new procedure and include in practice manual
_______________________
1.3.3 Quality control hub document

Instructions
Documenting what your firm is about is a valuable starting point in establishing and documenting your quality control system. It may
crystallise your firms objectives, and is a useful communication tool with staff and clients.
We have termed this the hub document. You may like to adapt this hub document to your firms situation.
[ INSERT NAME OF FIRM HERE ]

Philosophy of the firm
Our philosophy represents the beliefs of the firm and our understanding of how we work and provide services to our
clients.
Membership of the Institute of Chartered Accountants in Australia

We value our membership of the Institute and strive to be active members. As the conduct of individual members reflects
upon the whole, we endeavour to refrain from any conduct which might bring discredit to our profession.
Client relationships
We seek to add value to the client relationship through our skills, knowledge and efforts.
Our clients are carefully selected to ensure they have appropriate levels of integrity and will benefit from our relationship.
We try to help clients define and achieve their personal goals and consider these in establishing the goals of the
business they currently own and operate.
The firm has served many clients for many years and we take comfort from and appreciate their continued patronage.
We recognise the firm is a service organisation and we attempt to provide a level of service which clients appreciate.
Relationship with the team

We see our employees as more than human resources. To a degree, the relationship is similar to that of a coach to a
team, as team members look to us for guidance on professional, ethical, technical and, on occasions, personal matters,
and we try to help them achieve their personal goals while also working towards the goals of the firm.
Our relationship often extends to the period after employees have left the firm. We feel it is a measure of us as
employers that several former employees choose to be in regular contact with us. We aim to attract employees with
integrity and the right attitude. Communication, direction and training play important roles in our interaction with the
team.
Background of the firm

The existing partners founded the firm in 1999 by merging their individual practices. Both partners have been involved in
public practice all their working lives and expect to continue serving small business clients until their retirement several
years from now. The professional rsum of the partners is attached.
Firm structure
Refer to the structure of the organisation in the attached diagram.
The organisation structure is designed to ensure that clients have confident, easy access to more than just one person
in the firm, but a partner is appropriately involved in all outward correspondence, reports and especially those
documents containing advice.
Copies of emails to/from clients are copied to the relevant partner. A partner signs the audit reports, compilation reports,
income tax returns and almost all (covering) letters.
Occasionally, faxes are signed by the team member. Partners normally sight these before they are sent and both a soft
and hard copy is retained.
Firm goals
As a firm, we acknowledge that we have an obligation to serve our clients and our profession. The primary goal of our
firm is to fulfil these obligations. We see these obligations also as challenges to us to do the quality work that is expected
of all professionals:
To provide excellent personal service to our clients in all areas appropriate for the accounting profession
To assure excellence in client service through maintaining the highest level of competence, independence and
integrity within the firm
To be involved in and contribute to the advancement of the accounting profession, our community, and our nation
To provide within the firm the opportunity for personal and professional advancement, growth in skills and personal
interrelationships, and rewarding work experiences
To maintain our scope of service and circle of clientele by developing and improving special skills and expertise.
Firm size
The firm currently has two partners and four professional employees and an administration manager. The level of fees
raised annually by the practice reflects this structure according to available industry benchmarks. Firm growth is limited
mainly due to the lack of available qualified and experienced professional staff. Currently, we are attempting to advertise
for part-time experienced team members to job-share a new position. Graduates or undergraduates are hired and
trained by the more experienced team members.
Client service approach

Superior client service is our primary objective and operating guideline, within the confines of law and professional
standards. We seek to provide this service by making available to each client the full extent of our professional
capabilities, in order to meet their varying needs, on a timely basis.
Professional work that is outside our areas of experience and expertise is not accepted. Often the client or potential
client is referred to other professionals with appropriate skills and experience.
In seeking to provide excellent professional service to each client, we approach each engagement, large or small, with
the following objectives:
Attain thorough knowledge of the client and their industry, in order to properly assess the events and conditions
affecting it and its financial position and progress
Accurately assess the strengths and weaknesses of the clients internal accounting and administrative controls, its
accounting and administrative information systems and its other features, in order to effectively advise the client and
fulfil the engagement objectives
Identify and communicate situations and potential actions that appear to be opportunities for improving the clients
operations and conditions
Be alert to areas of personal assistance to the ownermanager of client firms, so that our services may be of
maximum benefit to the client.
Professional services
We offer competent, prompt, professional service in the traditional areas of audit services, financial reporting/compilation
services, tax services and business advice services, as follows:
Audit services include the audit of clients financial statements, special investigation areas, and reports on the clients
internal accounting controls
Included in financial reporting/compilation services are the maintenance of client accounting information systems,
compilation of client financial statements, and special reports. We assist with development of information systems,
and review/prepare reports required for regulatory agencies and for meeting contractual credit agreements
We provide tax planning and compliance services for both individuals and businesses. We do this while working
closely with the clients and making them aware of their tax responsibilities and opportunities
Management consulting services are centred on the establishment of accounting and cost information systems, and
the design and implementation of computerised systems. Also included are the establishment of management
reporting systems and special studies relating to inventory control and other internal controls.

Our clientele is diverse and spans many industries. They are engaged in agriculture, construction, finance,
manufacturing, health care and other industries. We seek to continue our service to these industries and to develop
other industry competence over time. We provide a structure for interpersonal relationships that creates an atmosphere
conducive to promoting planning, to servicing client needs and to responding effectively to opportunities and problems.
Geographic details
The firms clients are largely located in the greater metropolitan area. We do not actively seek clients outside a close
geographic range.
1.3.4 Firm structure

Instructions
The firm structure diagram is a useful way to illustrate the structure of the firm, and is used to support the hub document. You will need
to adapt the diagram to your firm.
As at [insert date]
Partner
One
Two
Accounting team
Name 3
Name 4
Graduate Accountant
Trainee Undergraduate
Accountant (part-time)
Name 5
Administration Manager
1.3.5 Work paper index example

Instructions
You may like to adapt this work paper index to your firms client base.
Client name:
<Client> Pty Limited
Prepared by:
Client code:
<CODE/00>
Date prepared:
Year ended:
30-June-200X
Reviewed by:
Date reviewed:
Indexing Symbol
Review Points
BUD
Budget
CHK
Preparation Checklist
NYP
Points for attention next year
PMR
Partner/Manager review points
SRP
Points for Manager/Partner attention
QUE
Client correspondence and queries
Trial Balance/Journals/General Ledger

CFA
Client financial accounts (if supplied)
FA
Draft financial accounts
ITR
Draft Income Tax Return
TB
Trial balance
ANA
Financial Analysis
JNL
Journals
GL
General Ledger
Schedules
A
Cash assets
Current receivables
Inventories/Stock
Other current assets
Non-current receivables
Investments
Fixed assets
Prepared/Completed

H
Intangibles
Other non-current assets
Payables/Creditors
Current provisions
Other current liabilities
Non-current creditors
Non-current provisions
Other non-current liabilities
Owners equity
Reserves
RS
Profit & Loss Review
Income
Expenses
Income Tax
General Workpapers
Prior year print-outs
Chapter 2: Leadership responsibilities

A/The firm shall establish policies and procedures designed to promote an internal culture recognising that quality is essential in
performing engagements. Such policies and procedures shall require the firms chief executive officer (or equivalent) or, if appropriate,
the firms managing board of partners (or equivalent), to assume ultimate responsibility for the firms system of quality control. (APES
320 paragraph 14, ASQC 1 paragraph 18)
A/The firm shall establish policies and procedures such that any person or persons assigned operational responsibility for the firms
system of quality control by the firms chief executive officer or managing board of partners has sufficient and appropriate experience
and ability, and the necessary authority, to assume that responsibility. (APES 320 paragraph 17, ASQC 1 paragraph 19)
APES 320 paragraphs 15 18 http://www.charteredaccountants.com.au/files/documents/APES320.pdf
ASQC 1 paragraphs A4 A6 https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards
2.2 About leadership responsibilities

A culture of quality is always visible. It can be seen in everything a firm does, from meetings and training
sessions, to corporate literature and mission statements. To foster a culture like this, partners should lead by
example, clearly demonstrating their commitment.
To deliver effective quality control, firms should nominate one individual with overall leadership responsibility for it, and
document that this has been done. This person is referred to as the quality control leader throughout this guide.
The quality control leader has responsibility for implementing, monitoring and, when necessary, amending the firms
quality control system.
A sole practitioner (who has no professional staff) will automatically assume the role of quality control leader.

For more guidance on creating an appropriate quality culture in an assurance practice, you could refer to the IFAC publication Tone at
the Top and Audit Quality, which can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.
2.3 Pro-forma documents for leadership responsibilities

These documents can be useful when developing documentation policy and supporting procedures. They
are Microsoft Word documents and can be tailored to individual firms.
Leadership responsibilities policy statement
Assignment of operational responsibility

This flowchart illustrates how these documents have been designed to fit into a firms procedures:
Tailor leadership responsibilities policy statement [2.3.1] to your firm
Partner(s) to determine firm leader of quality control, in conjunction with

nominated individual
Assignment of responsibility documented [2.3.2] and signed by partner and

individual
2.3.1 Leadership responsibilities policy

statement
Instructions
Your firm is required to document its policy on leadership responsibilities to comply with APES 320/ASQC 1. You may like to adapt this
policy statement to your firms situation.
Ultimate responsibility for the firms system of quality control has been accepted by the partners/principal. We have an
overriding commitment to quality. Operational responsibility has been assigned to an appropriately experienced and
qualified person, specified in the document Assignment of operational responsibility. [As this firm is operated by a sole
practitioner, the practitioner has assumed responsibility for quality control.]
The quality of our work, the satisfaction and enjoyment we experience from completing the work, and the profitability
derived are correlated to the level of efficiency and effectiveness reached.
The firm recognises the importance of quality in performing all client assignments. The mandatory status of APES 320
Quality Control for Firms /ASQC 1 Quality Control for Firms that Perform Audits and Reviews of Financial Reports, Other
Financial Information, and Other Assurance Engagements is acknowledged and the firm now affirms the intention to
operate the practice in a climate of quality, complying with APES 320/ASQC 1:
All team members are expected to maintain a high level of quality in all assigned tasks
Quality will not be compromised by commercial considerations on assignments
Adopted procedures will be consistently followed by all team members
Team members annual performance reviews will include an appraisal of their demonstrated commitment to quality
Training is recognised as the key component to ensuring quality is maintained
Team members are encouraged to attend training relevant to their roles
The firm devotes sufficient resources for the development, documentation and support of its quality control policies
and procedures.
We have documented a set of policies and procedures that reflect what the practice does. The requirements of APES
320/ASQC 1, and other mandatory standards relevant to services offered by the practice, are adequately addressed by
these procedures. There is a built-in system of controls and checks.
We recognise that if these controls are not built in to the way the firm performs its work then it is unlikely they would be
consistently performed.
The principals are committed to the documented policies and procedures, and review them at least annually to ensure
they are current.
2.3.2 Assignment of operational

responsibility
Instructions
Your firm is required to assign operational responsibility for quality control to an individual, and to comply with the documentation
requirements this assignment must be documented. A sole practitioner who assumes responsibility for quality control is not required to
complete this form.
You may like to adapt this assignment form to your firm.
The firm recognises the need for the person who has been assigned operational responsibility for the firms quality
control system to have sufficient and appropriate experience and ability, and the necessary authority, to assume that
responsibility.
Given the above and having considered the team members as listed on the firms structure, it has been decided to
assign operational responsibility for the firms quality control system to:
_________________________________________________
[insert name here]
Signed: ______________________
Accepted by:
_________________
Date:
____________
Partner
Date:
___________
Chapter 3: Ethical requirements

A / The firm shall establish policies and procedures designed to provide it with reasonable assurance that the firm and its personnel
comply with relevant ethical requirements. (APES 320 paragraph 19 / ASQC 1 paragraph 20)
A / The firm shall establish policies and procedures designed to provide it with reasonable assurance that the firm, its personnel and,
where applicable, others subject to independence requirements (including network firms personnel) maintain independence where
required by relevant ethical requirements, laws and regulations. Such policies and procedures shall enable the firm to:
Communicate its independence requirements to its personnel and, where applicable, others subject to them; and
Identify and evaluate circumstances and relationships that create threats to independence, and to take appropriate action to
eliminate those threats or reduce them to an acceptable level by applying safeguards, or, if considered appropriate, to withdraw
from the engagement, where withdrawal is possible under applicable / permitted by law or regulation. (APES 320 paragraph 24 /
ASQC 1 paragraph 21)
ASQC 1 paragraphs Aus A6.1 A10 https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards
Assurance practices only

More detailed policies and procedures are required for an assurance practice (APES 320 paragraphs 25 31 / ASQC 1 paragraphs 22
25). These are summarised here:
Engagement partners to provide the assurance practice with relevant information about client engagements, including the scope of
services, to enable the assurance practice to evaluate the overall impact, if any, on independence requirements
Personnel to promptly notify the assurance practice of circumstances and relationships that create a threat to independence so that
appropriate action can be taken
Relevant information to be accumulated and communicated to appropriate personnel
The assurance practice shall establish policies and procedures designed to provide it with reasonable assurance that it is notified of
breaches of independence requirements, and to enable it to take appropriate actions to resolve such situations
At least annually, the assurance practice shall obtain written confirmation of compliance with its policies and procedures on
independence from all assurance practice personnel required to be independent by the Code (APES 110 section 290)
The assurance practice shall establish policies and procedures setting out criteria for determining the need for safeguards to reduce
the familiarity threat to an acceptable level when using the same senior personnel on an assurance engagement over a long period
of time. For all audits of financial statements of listed entities this must include requiring the rotation of the engagement partner after
a specified period in compliance with the Code (APES 110 section 290).
APES 320 paragraphs Aust 27 to 27 http://www.charteredaccountants.com.au/files/documents/APES320.pdf
3.2 About ethical requirements

Members are bound by regulations and the fundamental principles of professional ethics. These are
contained in:
By-laws
APES 110 Code of Ethics for Professional Accountants
Regulations
Miscellaneous Professional Statements (APS)
Standards of the Accounting Professional and Ethical Standards Board (APESB).
For details about the fundamental principles, refer to the Code contained in the Members Handbook available through
the Institute website at: https://www.charteredaccountants.com.au
Ethical considerations have been built into other sections of this guide where appropriate. For instance, independence
considerations are included in a new client checklist, to be completed when client acceptance decisions are made.
Independence
Independence is a critical component of ethical requirements for all engagements. All firms must address independence
as part of their quality control policies and procedures and make sure all staff members required to be independent are
familiar with their independence obligations.
For assurance engagements, the independence requirements are, of course, much stricter. These are outlined in
Section 290 of the Code and, for audits conducted in accordance with the Corporations Act 2001, the Corporations Act
requirements including the CLERP 9 amendments. For example, the Code requires, in respect of listed entities, the lead
engagement partner, audit review partner, if any, and the engagement quality control reviewer to be rotated after five
years (APES 110 section 290.154). The Corporations Act contains similar requirements for listed entities (s. 324DA and
324DC).
The Institute website includes valuable up-to-date guidance on professional independence in the free Independence
guide: interpretations in a co-regulatory environment, to assist in the practical application of the professional
independence standards
Additionally, the Institutes Australian Auditing Manual and Toolkit, and the Australian Audit Guide for Self Managed
Superannuation Funds, address independence as an integral component of the audit approach. To find out more about
these publications follow this link: https://www.charteredaccountants.com.au/Training/Audit-andAssurance/Products/2010-Audit-Manual-and-Toolkit (login required). As well as addressing the quality control
standards, the manuals and toolkits explain the requirements of ASA 220 Quality Control for Audits of Historical
Information and provide information and sample checklists to apply this standard to individual audit engagements.

For more guidance on developing a quality control system addressing relevant ethical requirements in an assurance practice,
you could refer to the IFAC publication Guide to Quality Control for Small and Medium-Sized Practices.
Confidentiality
Chartered Accountants act as trusted advisors to clients, and confidentiality is a fundamental principle of professional
ethics.
This confidentiality is rarely discussed in client meetings because clients already assume that information is treated in
confidence. If a firm does not meet a clients expectations, its reputation can be harmed, with the loss of large numbers
of other clients. Furthermore, penalties for contravening the Privacy Act are severe.
Particular emphasis should be given to confidentiality issues during:
Staff training
New staff orientation (especially for staff who have not worked in a professional environment before)
Employment agreements
Performance reviews
General interaction with staff.
It is essential staff understand that all events and information pertaining to clients is confidential.
Tip: staff and confidentiality
Staff should be made aware that sharing anecdotes about a client with colleagues, friends or family is unacceptable. This
includes discussing a client without naming them. Unusual facts can often identify the client, and it is remarkable how word can
get around. If a client discovers their confidentiality has been breached in this way, the consequences can be grave.
3.3 Pro-forma documents for ethical requirements

These documents can be useful when developing ethical requirements policy and supporting procedures.
They are Microsoft Word documents and can be tailored to individual firms.
Ethical requirements policy statement
Annual independence confirmation
Independence resolution memorandum
Tailor ethical requirements policy statement [3.3.1] to your firm
Assurance practices only: All partners and team members to complete the Annual
independence confirmation [3.3.2]
If any independence issues are identified in the confirmation or any other time,
complete the Independence resolution memorandum [3.3.3]
3.3.1 Ethical requirements policy statement

Instructions
Your firm is required to document its policy on ethical requirements to comply with APES 320/ASQC 1. You may like to adapt this policy
All team members are expected to adhere to the fundamental principles of professional ethics as outlined in the By-laws,
Regulations, the Code, miscellaneous professional statements (APS), and standards of the APESB. We require all team
members to maintain a high standard of personal conduct to avoid any possible damage to their reputation, the firms
reputation or that of the Institute of Chartered Accountants in Australia.
Public interest
The partners and team members acknowledge their responsibility to act in the public interest.
Integrity, objectivity and independence

The engagement partner must be informed where a team member has a connection with any client. This includes
situations where the client employs relatives or friends.
No team member can invest in client entities or be involved in loans to/from clients.
Where the firm begins to act for a new client and any team member has any interest in the clients affairs, including
those mentioned above, the team member must immediately, upon becoming aware that the firm is acting, notify the
engagement partner of their interest.
Where a team member receives a gift or benefit of any kind or buys goods (or uses services) from a client at a discount,
the engagement partner must be notified. Such gifts and discounts may be subject to fringe benefits tax. Any social
contact team members may have with clients must be disclosed to the engagement partner concerned. The interaction
may be completely appropriate, but the partner must be aware of the circumstances to ensure the integrity and
objectivity of the firm are maintained.
The engagement partner is responsible for evaluating any threats to independence and ensuring any threats that clearly
are not insignificant are documented, and eliminated or reduced to an acceptable level.
The firm will provide appropriate education to all team members required to be independent.
Confidentiality
Team members have access to clients confidential information, and it is a critical condition of employment that this
information is treated as strictly confidential. Inappropriate use of clients confidential information would be grounds for
dismissal.
Examples of inappropriate actions regarding client information are:
Imparting information to anyone other than to a member of this firm, other than to other parties where such
disclosure is normal and client-approved
Imparting information to clients employees
Imparting to anyone the names of clients for whom the firm acts, except where such disclosures are normal and
necessary or client-approved
Disclosing any information to anyone where such disclosure might be to the detriment of the client
Discussing with relatives or friends any matters relating to the firms clients or their affairs.

Team members should be aware that:
Care must be taken to ensure details relating to a client cannot be heard or seen at reception or in other public areas
Confidential information can be disclosed inadvertently when on a hands-free mobile or other telephone when in the
proximity of another person
Telephone calls should not be taken when team members are engaged with other clients
Client files or other documentation must not be left unattended or visible at reception, or in interview areas or other
public areas
Great care should be taken to ensure the correct books and papers etc. are forwarded to or handed to a client
Unused draft client reports/tax returns must be disposed of securely.
When team members are visiting client premises, other team members do not disclose to anyone where those team
members are working. If a client or other person urgently needs to speak to a team member who is working out of the
office, arrangements must be made for that team member to be contacted by someone in the office so that they may
return the call. Alternatively, team members may be in the habit of calling the office at intervals during the day to check
for any urgent messages.
Compliance with ethical pronouncements

Team members should refer to, and be conversant with, APES 110 Code of Ethics for Professional Accountants and
other mandatory ethical pronouncements.
All team members are responsible for the firms adherence to the ethical principles. If any team members are concerned
about any issue in relation to ethical principles, they are empowered to communicate these concerns to the engagement
partner, quality control leader or senior partner as the team member believes is appropriate.
Assurance practices
Responsibility for independence issues
The team member assigned operational responsibility for quality control is assigned operational responsibility for
independence. This individual is referred to as our quality control leader.
When an engagement partner has been notified of a potential threat to independence, and has taken action to reduce
the threat to an acceptable level, the engagement partner must notify the quality control leader of the threat and action
taken. The quality control leader will review the action taken to ensure the firm is in compliance with all professional and
legislative independence requirements.
The quality control leader will ensure any threats to independence and the action taken are documented appropriately.
Confirmation with compliance with independence policies and procedures

All team members (including partners) will complete an annual independence confirmation. This is to be completed
during the orientation of any new employees and at the time of the annual performance review for existing employees.
Partners will complete the checklist annually.
The quality control leader will ensure a list of clients and the scope of services is available to enable team members to
evaluate any impact on their independence status. During weekly team meetings the details of any new assurance
clients and additional services offered to existing assurance clients are tabled for the information and consideration of
team members. Quarterly, a list of all clients broken down into assurance clients and non-assurance clients is circulated
to team members.
Partner rotation
The firm requires the lead engagement partner, audit review partner (if appointed) and engagement quality control
reviewer on listed entity audit engagements to be rotated from the audit after five years.
For all other assurance engagements, if the same engagement partner has been conducting the audit for more than
seven years the firm recognises that this situation creates a familiarity threat to independence. The engagement partner
will document this threat and how it has been reduced to an acceptable level prior to commencing the audit. The quality
control leader will review this documentation. The firm will consider rotating the engagement partner or requiring an
engagement quality control review where appropriate.
Independence on assurance engagements

The client acceptance and continuation forms/ audit strategy and planning documents address independence issues
assurance engagements.
The firm will use different partners and engagement teams with separate reporting lines for the provision of nonassurance services to an assurance client whenever it is possible and permissible to provide non-assurance services
without impairing the firms independence in providing assurance services. If it is not practicable to separate the duties,
the engagement partner will document how the threat to independence of conducting non-assurance services has been
reduced to an acceptable level. The threats, and action taken, must be documented and notified to the quality control
leader.
Where any other threats to independence are identified, the engagement partner is responsible for ensuring these
threats are reduced to an acceptable level prior to commencing the engagement. The threats, and action taken, must be
documented and notified to the quality control leader.
Fee dependence
The quality control leader is responsible for monitoring the reliance on revenue received from a single client. If more
than 15 per cent of the firms revenue comes from a single client, the firm will consider whether there are adequate
safeguards in place to reduce the potential threat to an acceptable level.
Communication with assurance clients

The engagement partner is responsible for communicating to the clients board or audit committee any matters that may
bear on independence.
The form of this communication will depend on the type of assurance engagement and will be determined by the
assurance partner. For example, for all audits conducted under the Corporations Act 2001 the auditor is required to
provide an auditor independence declaration to the client.
3.3.2 Annual independence confirmation

Instructions
Assurance practices only: this form should be completed by all team members, including partners, to assess their compliance with the
firms independence policies and procedures. It should be completed:
By new employees as part of the orientation process
At each annual employee performance review
By partners annually.
Additionally independence should be assessed as part of each new and continuing assurance engagement. The Institutes Australian
Auditing Toolkit contains sample checklists 4.10 and 4.15 that could be used on engagements, and the Australian Audit Guide for Self
Managed Superannuation Funds includes sample checklists for client acceptance and continuation in section 2.3.4.
Name of employee:
Yes
No
Do you have a direct or indirect material financial interest in a client or its subsidiaries/affiliates?
Do you have a financial interest in any major competitors, investors in or affiliates of a client?
Do you have any outside business relationship with a client or an officer, director or principal
shareholder having the objective of financial gain?
Do you owe any client any amount (except as a normal customer, or in respect of a home loan
under normal lending conditions)?
Do you have the authority to sign cheques for a client?
Are you connected with a client as a promoter, underwriter or voting trustee, director, officer or
in any capacity equivalent to a member of management or an employee?
Do you serve as a director, trustee, officer or employee of a client?
Has your spouse or dependent child been employed by a client?
Has anyone in your family been employed in any managerial position by a client?
Are any billings delinquent (high WIP) for clients that are your responsibility?
If you answered Yes to any of these questions, you must detail the reason for this threat to independence on the
independence resolution memorandum [3.3.3], together with an explanation of how the threat to independence has been
eliminated or reduced to an acceptable level.
I have read the independence policy of the firm, and APES 110 Code of Ethics for Professional Accountants, and I
believe I understand them. I am in compliance except for the matters listed on the independence resolution
memorandum 3.3.3.
Signature of employee:
Date:
Signature of partner:
Date:
3.3.3 Independence resolution memorandum

Instructions
This form should be completed whenever there is a potential threat to independence.
Independence issue relates to:

Date:
Client:
Employee/partner:
Please describe the issue and the potential threat to independence:
Sources/persons consulted (attach copy of applicable material):
What are the findings?
How is the threat to be eliminated or reduced to an acceptable level?
Resolved by:
Date:
Resolution acknowledged by employee:
Date:
Chapter 4: Acceptance and continuance of

client relationships
A/The firm shall establish policies and procedures for the acceptance and continuance of client relationships and specific
engagements, designed to provide the firm with reasonable assurance that it will only undertake or continue relationships and
engagements where the firm:
Is competent to perform the engagement and has the capabilities, including time and resources, to do so;
Can comply with ethical requirements; and
Has considered the integrity of the client and does not have information that would lead it to conclude that the client lacks integrity.
APES 320 paragraph 38 / ASQC 1 paragraph 26

A firm shall establish/ Such policies and procedures that/shall require:
The firm to obtain such information as it considers necessary in the circumstances before accepting an engagement with a new
client, when deciding whether to continue an existing engagement, and when considering acceptance of a new engagement with
an existing client.
If a potential conflict of interest is identified prior to accepting an engagement from a new or an existing client or during the conduct
of an engagement, the firm to determine whether it is appropriate to accept or continue the engagement .
If issues have been identified, and the firm decides to accept or continue the client relationship or a specific engagement, the firm
to document how the issues were resolved.

A/The Firm shall establish policies and procedures on continuing an Engagement and the Client relationship, addressing the
circumstances where the Firm obtains information that would have caused it to decline the Engagement had that information been
available earlier. Such policies and procedures shall include consideration of:
The professional and legal responsibilities that apply to the circumstances, including whether there is a requirement for the Firm to
report to the person or persons who made the appointment or, in some cases, to regulatory authorities; and
The possibility of withdrawing from the Engagement or from both the Engagement and the Client relationship.
4.2 About acceptance and continuance of client

relationships
Finite resources mean that selecting the right clients can make or break a firm. If taken on, problem clients
can prevent firms from servicing other clients fully, and prevent firms taking on more business. Procedures
can be adopted to help reduce the risk of accepting another firms problem client.
It is equally important that existing clients, and new engagements from existing clients, are monitored to ensure they
continue to satisfy the firms acceptance requirements, including conflict of interest requirements. One way to do this is
to include a prompt, in work control documents or job cards (used when detailing new clients), reminding staff to
consider the continued acceptability of the client. Another way to monitor clients is to conduct an overall review of all the

work performed for a client group. Importantly this can assist in identifying opportunities for the firm to provide additional
services that will add value for the client as well as monitoring of the firms quality control system (see Chapter 7). A
useful checklist your firm could use is the Internal client review checklist; part of the Chartered Accountants practice
management everyday tools at https://www.charteredaccountants.com.au/Industry-Topics/Practicemanagement/Practice-management-everyday-tools (login required).
The Dispute Resolution Toolkit published by the Institute can also be useful, assisting members in clarifying their
relationships with clients and thereby minimising disputes. This toolkit can be found at:
https://www.charteredaccountants.com.au/The-Institute/Member-complaints-and-discipline/Dispute-assistance-formembers/The-dispute-resolution-toolkit.aspx.
Tip: other mandatory professional requirements
Besides the requirements of APES 320, APES 110 Code of Ethics for Professional Accountants includes requirements on client
and engagement acceptance. Details can be viewed in APES 110 contained in the Members Handbook available through the
Institute website at: https://www.charteredaccountants.com.au
As well, engagement documents are now mandatory for all new engagements under ASA 210 Terms of Audit Engagements for
audit engagements, and APES 305 Terms of Engagement for all other engagements. These standards are available in the
Members Handbook available through the Institute website at: https://www.charteredaccountants.com.au and both contain
sample engagement documents.

As well as ASA 210, containing requirements for the terms of audit engagements, auditors also need to apply ASA 220 Quality
Control for Audits of Historical Financial Information when conducting audit engagements. This standard requires the
engagement partner to be satisfied that appropriate procedures regarding the acceptance and continuance of client relationships
and specific audit engagements have been followed, and that conclusions reached in this regard are appropriate and have been
documented.
For guidance on the requirements of ASA 210 and ASA 220 you could refer to the Institutes Audit Manual and Toolkit or the
Australian Audit Guide for Self Managed Superannuation Funds which contain further guidance and sample documents to assist
you to apply the acceptance and continuance requirements to assurance engagements.
4.3 Pro-forma documents for acceptance and

continuance of client relationships
These documents can be useful when developing an acceptance and continuance of client relationships
policy and supporting procedures. They are Microsoft Word documents and can be tailored to individual
firms.
Acceptance and continuance of client relationships policy statement
Client screening questions
New client form
Welcome letter
Ethical letter
New client acceptance checklist
Client engagement task checklist
Client retention checklist
Lost client form

These flowcharts illustrate how the documents have been designed to fit into a firms procedures:
Procedures when accepting a new client

Partner conducts initial telephone discussion/client meeting using 4.3.2 Client
screening questions as a guide
Partner decides to potentially accept or decline new client, and records [4.3.2]
decision
Decline
Potentially accept
Record client details on 4.3.3 New client form

and send welcome letter [4.3.4] and ethical letter
[4.3.5] to potential client to obtain the client consent
in writing
Notify potential client
Send ethical letter [4.3.5] to previous accountant

with client authority
Consider reply and partner decides whether to

accept new client
Decline
Accept
Complete 4.3.6 New client acceptance checklist

and 4.3.7 Client engagement task checklist
Send engagement letter and attachments/other

notifications (eg. ATO, ASIC) and set up client file
to comply with firms engagement work paper
protocol
Continue to monitor client by completing 4.3.8

Client retention checklist annually
Procedures when documenting a lost client

Complete 4.3.9 Lost Client Form
Communicate any withdrawal in writing to client using 4.3.10 - Disengagement

letter
Partner to consider whether the firm needs to report the reasons for the
withdrawal to regulatory authorities
4.3.1 Acceptance and continuance of client

relationships policy statement
Instructions
Your firm is required to document its policy on client acceptance and continuance to comply with APES 320/ASQC 1. You may like to
adapt this policy statement to your firms situation.
The firm acknowledges that client integrity, and the ability of the firm to conduct the engagement competently and
ethically are essential components of the firms quality control system.
Acceptance of new clients

The firm will only tender for or accept new clients after completing the appropriate documentation, including sending an
ethical letter to the previous accountant, and assessing the acceptability of the client. The factors the firm will take into
account include:
The perceived integrity of the client
The capability of the firm to complete the engagement competently and in the required timeframe
Ethical issues, with particular reference to any perceived independence and conflict of interest threats.
The client acceptance or rejection decision will be made by the potential engagement partner after determining that any
threats to the fundamental ethical principles have been eliminated or reduced to an acceptable level.
Engagement letters
Engagement letters are a very effective risk management tool.
The firm recognises that ASA 210 Terms of Audit Engagements makes it mandatory for an engagement letter to be in
place for all audit engagements undertaken. Review engagements conducted in accordance with the AUASB review
engagement standards also require engagement letters.
For all other engagements the firm complies with APES 305 Terms of Engagement.
For all new compilation and tax clients, a comprehensive engagement letter will be put in place. The firm recognises
the mutual agreement nature of engagement letters so any specific requirements the client may have, such as
instructions or scope of the engagement, will be included in the engagement letter. A client engagement task checklist
will be completed annually to augment the formal engagement letter.
Planning documentation for both audit and compilation engagements includes consideration of whether an engagement
letter is in place and whether it needs to be updated. Whenever a client experiences a change in circumstances,
structure etc., or changes the level of services required, this is taken as an opportunity to create or refresh a formal
engagement letter.
For continuing compilation engagements, at minimum a client engagement task checklist is required to be completed
and agreed with the client on an annual basis.
This needs to be adapted to the types of engagements conducted by the firm and the type of engagements. APES 305
requires the firm use an engagement document, but this does not necessarily have to consist of a formal letter. The
standard leaves the possibility open for handouts, brochures, leaflets or email as the mechanism for documenting the
terms of an engagement.
Continuing engagements
The firm will not continue on an engagement or providing services to a client in circumstances where it would not have
accepted the engagement had the information been available earlier. If the firm decides to withdraw from an
engagement, the reasons and a record of all relevant discussions with the client will be documented.
4.3.2 Client screening questions

Instructions
This form could be used to prompt appropriate questions at the initial interview with a new client. Other example checklists are available
in the Dispute Resolution Toolkit. Auditors need to ensure their checklist also complies with ASA 210 and ASA 220, and could use the
sample checklists in the Australian Auditing Toolkit or the Australian Audit Guide for Self Managed Superannuation Funds designed to
comply with these standards.
Warning: Practitioners are reminded that care should be taken when completing this checklist to avoid any
possibility of defamation of individuals, for example, in the course of assessing their integrity.
Date: ________________________________
Client: _______________________________
The following areas need to be

covered
Industry: __________________________________
Notes
Tell me about your business
Watch for proven track record.
Who is your previous accountant?
Why have you found it necessary

to change?
Explain you will need the clients

permission to contact their
previous accountant [mandatory
for audit engagements,
recommended for all
engagements]
Watch for history of frequently changing

accountants, as this indicates both a lack
of loyalty and an inability to regard the
professional relationship between client
and accountant as long term, and possibly
a lack of integrity by the client.
What made you approach this firm

for accounting service?
Be wary of flippant responses, and

referrals from D type clients.
A referral from an A client may be an
indication that this person has potential.
What are the issues that concern

you the most in your business right
now?
Watch for responses that indicate lack of

business competence. Also watch for a
high degree of sensitivity to taxation.
Are you up to date with all taxation

returns and payments?
Be wary of responses that indicate

multiple years and payments outstanding.
What services do you require from

an accountant?
Be wary of responses that indicate that

this person seeks a minimum service, at
minimum cost.
Let me tell you a little about the

way we do things at this firm
Explain areas of operation, also our strong

desire to ensure accurate financial
reports. Fixed Price Agreement or likely
scale of fees.
Comments
To assess your record keeping and

accounting system, we need to visit
your premises for a minimum of
two hours and produce a report
that highlights any areas in need of
attention.
Is that alright with you?
Explain likely cost of this first session, as

well as the information that your potential
client will need to provide at that meeting.
Watch for indications that this person
expects this first meeting to be free, or has
unreasonable expectations of accounting
fees. If the potential client is unwilling to
spend three hours at say $130 per hour
on their business, you need to seriously
question attitudes and values.
Intuition and gut feelings are very relevant in this process. Consider the responses given and if unfavourable then this
may signal a potential D client. If this is the case you need to consider declining the engagement.
Will the firm potentially accept
this new client?
Yes
No
Referred from
Appointment made
Date and Time
Summary and observations
If the client is potentially accepted, complete the following checklist:

Date and initial
Client details recorded on New client form.
Client permission given to contact previous

accountant.
Ethical letter sent [mandatory for audit

engagements but the Institute recommends this is
done for all engagements].
New client acceptance checklist completed.
Client engagement task checklist completed.
4.3.3 New client form

Instructions
This form should be used to collect information about a new client.
First Name: ______________________________________
Surname: ___________________________
D.O.B ____/____/____
TFN: ______-______-______
P.O.B: ___________________
Client Code (AO): _______________________________
Spouse First Name: _________________________________ Surname: ___________________________
D.O.B ____/____/____
Entity Name:
P.O.B: ___________________
TFN: ______-______-_______
_______________________________________________________________________
Type of Business:
________________________________________________________________
Residential Address:
________________________________________________________________
Business Postal Address: ________________________________________________________________

Home Phone:
____________________________
Business Phone: _____________________
Mobile Phone:
____________________________
Business Fax:
_____________________
___________________________________
Web Address:
_____________________
Email:
A.B.N: ____/____/____
Company Change Registered Office Form:
Source of new client:
____________________ Thank you letter:
Previous Accountant:
____________________
Services Task Checklist Completed (Attach when completed):

Major Assets/Liabilities:
_______________________________________________________________
_____________________________________________________________________________________
Key Management (Names and Functions):
_________________________________________________
_____________________________________________________________________________________
All related parties (Subsidiaries, affiliated companies):
___________________________________
_____________________________________________________________________________________
Number of Employees:
________________________________________________________________
Supplied copy of recent financials:

Supplied details of personal assets/liabilities:
4.3.4 Welcome letter

Instructions
Sending a welcoming letter to your potential new client is a professional courtesy. It is also an effective way of obtaining the potential
audit clients consent in writing to communicate with the previous accountant by attaching the ethical letter for the client to sign.
You may like to adapt this sample letter to your firm.
Welcome letter
(Date)
(Addressee)
(Company)
(Address)
Dear (Name),
Welcome!
We are very pleased to welcome you to [ insert firm name ] and hope that you will be happy with your choice of
accounting and financial services.
Our firm brings together a wealth of accounting, management and business experience through its partners, team
members and associates. As progressive Chartered Accountants it is our goal to assist clients achieve their desired
business and personal success.
We enclose a letter [4.3.5], addressed to your previous accountant, advising them that you have chosen our firm as your
new tax agent. Please sign where indicated and return the letter to our office in the envelope provided as soon as
possible.
Once again, welcome and thank you for choosing [ insert firm name ]. We look forward to a long and rewarding
association for many years to come.
If you have any queries or require any assistance in the above matter, please contact our office on xx.
Yours sincerely,
[ insert name ]
[ insert job title ]
4.3.5 Ethical letter

Instructions
For potential audit clients, your firm must communicate in writing with the previous auditor before accepting a new client. The Institute
recommends your firm communicates in writing with the previous accountant for all engagements. We have termed this letter the
ethical letter.
You may like to adapt this sample letter to your firm.
Ethical letter
(Date)
(Addressee)
(Company)
(Address)
Dear (Name),
(Client name)
(Client address)
We have been approached by the abovementioned to accept nomination as accountant [amend as appropriate].
Please advise if there is any professional or ethical reason why we should not accept this appointment.
If no such reason exists, please forward to us the necessary documentation to ensure continuity of professional service,
including:
Copies of last years income tax returns
Copies of last years financial statements
Copies of any depreciation or other business schedules
Copies of last years income tax assessment notices
Any other information you may have in relation to their tax affairs1.
If we can be of any further assistance to you, please contact our offices on [ insert phone number ] or via email at [ insert
email address ]
Yours sincerely,
[ insert name ]
[ insert job title ]
____________________________________
___________________________________
Client Name
Client Signature
For more guidance on the ownership, possession and disclosure of client related documents and records refer to Guidance Note N1
Books and Papers in the Members Handbook.

4.3.6 New client acceptance checklist

Instructions
This form should be used to document the decision to accept the client.
Assurance practices should consider using a more specific checklist for new audit engagements such as checklist 410 New
engagement acceptance from the Institutes Australian Auditing Toolkit or the Australian Audit Guide for Self Managed
Superannuation Funds sample checklists for client acceptance and continuation in section 2.3.4.
Client: ___________________________________
Date: _______________
Question
Comments
Client integrity has been considered and we do not have

information that would lead us to conclude that the client
lacks integrity?
Competent to perform engagement?
Resources to complete on time?
Independence considerations
Assurance engagement independence checklist
completed?
Non-assurance engagement no significant threats to
independence?
Is the firm free of any conflicts of interest with the client?
If a conflict of interest does exist, how has it been dealt
with?
Fee level/collection issues?
Consideration of client screening questions?
Genuine reason for leaving previous accountant?
Any conflicts of interest considered and threat reduced to
an acceptable level?
Ethical letter response considered?
Record-keeping and accounting system review visit scheduled

Decision made to accept as client
Review of client information on ATO Portal and necessary follow-up
Client engagement task checklist completed
Engagement letter sent
Add to team meeting agenda to inform staff
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Prepared by: ________________________________________
Date: _______________
Partner review: _____________________________________
Date: _______________
Date: _______________
4.3.7 Client engagement task checklist

Instructions
This form should be used to confirm with the client the tasks to be completed by the firm and by the client as part of the engagement. It
can be completed either at the time of the initial client interview or at the time of the initial client site visit, as appropriate.
Firm task list
Comments
Confirmed
Y/N
Annual financial statements
Year-end visit to review in-house ledger and

collect completed year end checklist
Income tax returns (and advice)
Structure diagram/organisation chart
Fixed asset register/depreciation schedule
Hire purchase/loan interest schedule
Fringe benefits tax calculations
Return prepared, if appropriate
Directors loan account calculations
If applicable
ASIC annual statements, minutes and acting as registered

office
Other
Data entry/book keeping (includes data storage security,

current software version)
Includes record-keeping original tax invoices
Completion of year end checklist of information required
Annual
Bank account reconciliations
Monthly
Debtors reconciliation
Monthly
Creditors reconciliation
Monthly
Client task list
Comments
Confirmed
Y/N
Payroll and employee personnel files
Regularly
Annual PAYG (W) reconciliation lodged with the ATO and

summaries prepared for employees
Annually
Superannuation guarantee obligations
Quarterly
Pay-roll tax
Where applicable
Work Cover obligations
Premium report annually
Prepare and print GST reconciliation report
Usually quarterly
Prepare, lodge and pay BAS (PAYG, IAS and GST)
Usually quarterly
GST clearing account reconciliation
Quarterly may need firms assistance
Pay annual land tax assessment(s)
Where applicable
Other
Other firm services
Indicate if required
Confirmed
Y/N
Record-keeping review (recommended)
Asset protection/CGT structure advice
Computer system administration visits, troubleshooting on

accounting system, assistance with software upgrades,
partial restore from backups
Management accounting
Review of interim in-house financials
Audit and assurance services
Other firm services
Confirmed
Y/N
Budgeting and monitoring
Strategic business planning
Superannuation planning
Personal goal setting
Other
Other services from outside experts
Confirmed
Y/N
Financial planning and risk insurances
Mortgage lending and leases
Wills and enduring powers of attorney
General insurance
Quantity surveyor investment property reports
This checklist is to ensure that our understanding of the tasks required by you and your business have been accurately agreed with you
and we both acknowledge responsibility for the relevant tasks.
This checklist will remain effective unless replaced.
Firm representative:
Signed:
Date:
Client name:
Signed:
Date:
4.3.8 Client retention checklist

Instructions
This form should be used at the planning stage of the engagement each year, as a prompt to consider whether the client is still
appropriate for the firm.
Assurance practices should consider using a more specific checklist for new audit engagements such as checklist 415 Existing
engagement continuance from the Institutes Australian Auditing Toolkit or the Australian Audit Guide for Self Managed
Superannuation Funds sample checklists for client acceptance and continuation in section 2.3.4.
Question
Comments
Client integrity has been considered and we do not

have information that would lead us to conclude that
the client lacks integrity?
Competent to perform engagement?
Resources to complete on time?
Independence considerations
Assurance engagement independence

checklist completed?
Non-assurance engagement no significant

threats to independence?
Is the firm free of any conflicts of interest with the

client?
If a conflict of interest does exist, how has it been
dealt with?
Fee level/collection issues?
Consideration of client screening questions?

Record-keeping and accounting system accurate?
Client information on ATO Portal acceptable?
Decision made to retain client
Yes
No
Lost client form completed
Yes
No
Prepared by: __________________________
Date: ____________
Partner review: ________________________
Date: ____________
N/A
4.3.9 Lost client form

Instructions
This form should be used to document the loss or rejection of a client, and as a checklist that appropriate matters have been dealt with.
Client name(s): ___________________________________________

(list all entities)
Matter
Contact from client
or
Decision not to continue documented
Letter to client where appropriate
Consider the impact of this client leaving on other client relationships
and workload
Response to ethical letter
Enclose necessary documents to ensure continuity of professional
services including, for example, copy of depreciation schedule,
company statutory file, etc.
Examine work in progress and debtors
Take appropriate action if there are any balances. For example,
contact client, send debtor statement, raise final fee account, write-off
remaining WIP.
Update firm database
mark as non-client
enter new accountants contacts
other
ASIC
change of registered office form
minute noting change of office
resign as registered agent
ATO Portal lodge form to remove from tax agent listing + BAS, FBT,
etc.
Add to agenda for next team meeting to inform all team members of
lost client
Archive remaining correspondence and work paper files
Comment/how done
Cleared
4.3.10 Disengagement letter

Instructions
Where the engagement with a client is ended and there is work outstanding, it is best practice to summarise the situation in writing to
the client. This will help avoid any confusion as to your firms responsibility for completion of outstanding matters, and make it an easier
transition for the new firm.
You make like to adapt this sample letter to your firm.
(Date)
(Addressee)
(Company)
(Address)
Dear (Name),
(Client name)
(Client address)
(Client address)
Ceasing to act as accountant/auditor
We wish to clarify matters connected with your decision to replace us as your accountants. This letter replaces our
previous letter of engagement dated .
Status update
Attached is a report showing the status of services we have been performing for you together with the relevant due
dates. This report should help you or the firm taking over your accounting work to be clear on the uncompleted tasks
being assumed.
We are now not responsible for these tasks being completed on time.
Authority to provide information and documents
Should you wish us to provide documents to and to discuss your affairs fully and freely with a successor firm of
accountants, please provide us with written authority2.
Record retention
Attached we return source documentation that should be retained by you. Documentation such as our working paper file
will be retained by us for the appropriate statutory time period, with continued confidentiality assured.
For more guidance on the ownership, possession and disclosure of client related documents and records refer to Guidance Note N1
Books and Papers in the Members Handbook).

Fees
Attached is a final invoice for our services to date, together with a statement also showing prior fees outstanding. By way
of acknowledgement, please sign and return the attached copy of this letter, along with settlement of these amounts at
your earliest convenience.
Status update
Service
Completed to
Frequency
Next Period End
Due Date
Financials
30 June 2009
Annual
30 June 2010
31 October 2010
BAS
31 December 2009
Quarterly
31 March 2010
28 April 2010
Tax return
30 June 2009
Annual
30 June 2010
15 December 2010
IAS
Completed by you
Pay-roll tax
31 January 2010
Monthly
28 February 2010
14 March 2010
FBT return
31 March 2009
Annual
31 March 2010
28 May 2010
Yours sincerely,
FIRM NAME
Partner: _____________________
Acknowledgement
We acknowledge this letter which records the agreement between us on your resignation as our accountants.
We authorise you to supply information and documentation to _____________________ whom we have appointed as
our accountants.
Client name(s): _____________________
Chapter 5: Human resources

A/The firm shall establish policies and procedures designed to provide it with reasonable assurance that it has sufficient personnel with
the competence, capabilities and commitment to ethical principles necessary to:
perform engagements in accordance with professional standards/AUASB standards, relevant ethical requirements, and applicable
legal and regulatory requirements; and
enable the firm or engagement partners to issue reports that are appropriate in the circumstances.
(APES 320 paragraph 47, ASQC 1 paragraph 29)

A/The firm shall assign responsibility for each engagement to an engagement partner and shall establish policies and procedures
requiring that:
The identity and role of the engagement partner are communicated to key members of client management and those charged with
governance;
The engagement partner has the appropriate competence, capabilities and authority to perform the role; and
The responsibilities of the engagement partner are clearly defined and communicated to that partner.

A/The firm shall also establish policies and procedures to assign appropriate personnel with the necessary competence and
capabilities to:
perform engagements in accordance with professional standards/AUASB standards, relevant ethical requirements, and applicable
legal and regulatory requirements; and
enable the firm or engagement partners to issue reports that are appropriate in the circumstances.
5.2 About human resources

Staff are the most important resource for any firm. And when you factor in salaries, on-costs and training,
staff are also one of the largest expenses. So it goes without saying that managing human resources
effectively is vital.
This can be achieved by:
Determining how best to recruit
Ensuring team effort is profitable
Designing systems to manage team efforts
Having the office filing, workflow and IT set up to allow the team to work efficiently and happily.
Quality considerations centre on:

Recruitment
Performance evaluation

Capabilities
Competence
Career development
Promotion
Compensation
Estimation of personnel needs.
Capable professional time is in high demand and is quickly filled. However, due to the shortage of trained, competent
business services accountants, a firms approach to accepting new clients, current workload, recruitment and promotion
requires regular review to ensure there is an acceptable balance. An overworked team that jumps from deadline to
deadline will not work to its full potential.
Given the impact that losing staff can have on small firms, it is essential to establish staff retention strategies. Also, since
at least some staff turnover is inevitable, it is important to systemise procedures and rotate tasks. This ensures a firm is
not completely dependent on one staff member.
Investment in training and development is an essential component of maintaining a competent and committed team.
This can be achieved in many different ways, such as in-house training, attendance at external or web-based seminars
and reading. For members of the Institute and other accounting bodies there are specific requirements, as Chartered
Accountants for example need to comply with Regulation 7 and its minimum requirements for training and development
(https://www.charteredaccountants.com.au/Members/Training-requirements/How-to-meet-the-requirements.aspx).
Auditors of self managed superannuation funds are also required to comply with the training component of the
Competency Requirements for Auditors of Self-Managed Superannuation Funds
https://www.charteredaccountants.com.au/Industry-Topics/Superannuation/SMSF/SMSF-Auditor-requirements-andcompetencies.

For more guidance on developing a quality control system addressing relevant ethical requirements in an assurance practice,
you could refer to the IFAC publication Guide to Quality Control for Small and Medium-Sized Practices.
5.3 Pro-forma documents for human resources

These documents can be useful when developing human resources procedures. They are Microsoft Word
documents and can be tailored to individual firms.
Human resources policy statement
Job descriptions
New staff orientation checklist
Professional staff performance review
Administrative staff performance review
Training and development record
Tailor human resources policy statement [5.3.1] to your firm
Allocate appropriate partner responsibility for human resources issues
Partner(s) determines required staffing levels
Job description [5.3.2] developed for identified positions
Selection of potential employees documented on candidate interview and

evaluation checklist [5.3.3]
Appropriate individual to welcome new staff member and complete new staff
orientation checklist [5.3.4]
Each professional staff member to maintain a training and development record

[5.3.7]
Each staff members performance reviewed and documented six (6) monthly:
[5.3.5 Professional staff

5.3.6 Administrative staff]
5.3.1 Human resources policy statement

Instructions
Your firm is required to document its policy on human resources to comply with APES 320/ASQC 1. You may like to adapt this policy
Recruitment, performance evaluation and competence

General philosophy
We do not perceive team members to be a cost. Instead, a team member is a form of human (intellectual) capital;
someone who generates more for the firm than their salary cost (plus share of overhead). Therefore, we must invest
heavily in training and improving our human capital, to obtain the best possible return on it. The returns, typically, will be
in the form of fees, but also from the generation of ideas that improve our efficiencies, and from the introduction of new
clients and their retention.
Best practice for employees includes to be thorough, passionate about detail, technically proficient, well prepared, able
to concentrate, neat and well organised, proactive and forward thinking, and a fast learner. They also have an
unrelenting work ethic, are enthusiastic and encouraging, have a positive perspective, are considerate and polite, and
are a good communicator and team player.
Productivity hours are 1,300 a year that is, six hours per day (on average), at an hourly rate that recovers
approximately three times remuneration.
Human resources policy

On an ongoing basis, based on recurring reviews of the firms workflow records, the ATO lodgement list and aged work
in progress records, the partners ascertain whether there are sufficient appropriate personnel to perform client
engagements.
An appropriate partner is allocated responsibility for all human resource issues.
Human resources is recognised as a critical success area for the firm. It is the largest expense area in our P&L.
Partners accept the ultimate responsibility for the quality of the work performed by the firm. Management of and
communication with team members is one of the major roles of partners.
The firm is committed to ethical principles. Accordingly, adherence to ethical principles is an important component of all
human resources procedures, including performance evaluation, promotion and remuneration. Any personnel not
adhering to the firms ethical principles will be counselled and where appropriate may be subject to disciplinary action.
In order to implement this human resources policy, the firm will follow the procedures listed below:
Recruitment
Job descriptions are maintained for all positions
Candidates best suited to the job descriptions are interviewed and evaluated, and sections 1 and 2 of the candidate
interview and evaluation checklist are completed
References are thoroughly checked and documented in section 3 of the candidate interview and evaluation checklist
A partner approves the offer/no offer decision, which is documented in section 4 of the candidate interview and
evaluation checklist
A statutory three-month probationary period is part of the employment agreement
Comprehensive orientation is provided for the new team member, firstly by the partner and then using a buddy
system with an experienced team member.
Performance evaluation/promotion/remuneration
Close supervision and feedback occurs during the probation period
Six monthly interactive performance reviews are documented
Appropriate recognition and feedback aids career development
Promotion to complete more complex work occurs with appropriate supervision and review
Remuneration is negotiated in accordance with industry standards based on level of experience, together with an
assessment of the recoverability of the resultant charge out rate that is applied.
Capabilities/competence/career development
Partners are required to meet the Institutes training and development requirements
All team members who are members of professional accounting bodies are encouraged and supported to meet the
training and development requirements of their professional bodies
Team members attend relevant external professional education courses
All professional staff members are required to maintain a training and development record. A copy of this record will
be obtained and put on the staff members personnel file at the time of staff members annual review
Weekly team meetings contain a strong element of training
Coaching and on-the-job training occurs while gaining experience from completing work
Independence updates are provided for team members required to be independent
Practical issues identified while completing assignments are incorporated into internal weekly training sessions.
Assignment to engagements
Client jobs are assigned to a partner and to team members having given consideration to the complexity of the work and
the ability of the available personnel. For example, superannuation fund engagements must be allocated to two separate
partners where one controls the accounting and tax engagement and the other performs the audit.
Where team members have less experience, partners provide more assistance with the handover and job planning and
then supervision through the job milestones.
In order to implement this assignment policy, the firm will implement the following procedures:
Partners accept work from clients and enter all details into the firms workflow management system
Key members of the client management are notified of the engagement partner, if not already aware
The partner and staff assigned to each job are recorded on the job planning documentation
The level and aging of work-in-progress held by each team member is monitored at the weekly firm team meeting.
5.3.2 Job descriptions

Instructions
Formalising job descriptions is a useful tool to assist with recruiting and evaluating team members. You may like to tailor these sample
job descriptions to the requirements of your firm.
Sample job descriptions are provided for:
Business Services Accountant
Office Administrator/Assistant Accountant
Pro-forma for new position
Position description Business Services Accountant (BSA)

JOB TITLE:
Business Services Accountant
GENERAL DESCRIPTION:
Responsible for assisting partners to provide clients with a full range of professional
accounting services to clients.
REPORTS TO:
Partners
RESPONSIBLE FOR:
Timely completion of assigned tasks, keeping track of tasks, clear communication to

other team members.
Qualifications and experience:
Commerce-related degree completion or in progress
Experience in all administrative aspects of an accounting firm
Aiming to complete professional studies to secure a CA qualification
A working knowledge of MYOB and tax preparation software
Please refer to our website [insert firms website address]
Accountable for:
Ensuring you are consistently asking yourself Am I doing the most important thing that I should be doing? and
If not, why not?
[time is a valuable resource to be spent wisely and with a sense of balance in mind]
Being aware of existing legislation, current developments and ATO interpretation that may impact on the work you
are performing for clients
Discussing with the partners every week your priorities for the week, and reporting on the progress of all jobs
allocated
Communicating with clients and team members in a professional manner
Following the firms current system of work practices and when unclear on the best approach being sure to ask
questions in the most appropriate manner
Developing an understanding of fundamental accounting for small business and be working towards being able to
interpret clients data and financial information as presented, identifying ways of improving a clients approach to their
accounting system, and developing the ability to create an accurate, complete and meaningful financial report from
the information supplied/available
For the jobs you are allocated, being aware of the opening time WIP and accumulation of WIP and examining the
final WIP when the job is completed
Drafting the fee from the work in progress report and make recommendations to partners on the proposed amounts
to raise as fees to clients
Enjoying your work role
Supporting other team members and promoting a positive team environment as all team members have a strong
desire to work in a harmonious workplace.
General philosophy of our firm:

We do not perceive team members to be a cost. Instead, a team member is a form of human (intellectual) capital;
someone who generates more for the firm than their salary cost (plus share of overhead).
Therefore, we invest heavily in training and improving our team members, to obtain the best possible return.
These returns, typically, will be in the form of fees, but also from the generation of ideas that improve our efficiencies
and from the introduction and retention of clients.
Team members are thorough, passionate about detail, technically proficient, well prepared, able to concentrate, neat
and well organised, proactive and forward thinking, and quick learners. They have an unrelenting work ethic, are
enthusiastic, have an encouraging and positive perspective, are considerate and polite, and good communicators and
team players.
Productivity hours are 1,300 a year that is, 6 hours per day (on average), at an hourly rate that recovers approximately
three times remuneration.
Technical abilities of BSA:
Takes source data and financial information prepared by clients/bookkeepers and produces a draft set of financial
statements for review by a partner
Resolves all queries raised
Trains and assists clients to administer their accounting systems (MYOB, Quicken, Excel Spreadsheets, etc.)
Learns to produce all income tax returns forms (including super funds)
Acquires knowledge of income tax law, fringe benefits tax and corporations law
Acquires an understanding of capital gains tax, stamp duty, GST, land tax and pay-roll tax
Undertakes research and produces draft written advice on tax or company law matters, subject to the review of a
partner
Undertakes training and understands the long-term benefit this will provide
Becomes proficient with accountants office general ledger software, AO fixed assets software, QuickBooks, MYOB,
MS Office Professional Suite of software
Drafts forecasts and budgets for review
Holds the confidence of clients, both over the telephone and in person
Trains and supervises a Trainee Accountant, evidenced by the quality of work produced and efficiency with which the
work is performed
Develops some analytical skills e.g. using commonsense and logic, can spot areas of concern and errors made by
client
Develops an understanding of corporate structure e.g. asset accumulation/protection, and uses of trusts
Works to a deadline and can handle pressure
Understands the theory of valuing a business
In reporting to a partner, or the client, significantly adds value to the relationship
In the second year in this position, shows that proficiency in all technical areas is progressing on schedule
Learns from mistakes repeated similar mistakes are rare
Has desk and workflows that are well organised and prioritised BSAs use the Work flow module in AO on a daily
basis, discussing with partners their job priorities for the week and reporting on progress of all jobs allocated.
Skills matrix:
Minimum level
Skill
Sound
Accounting fundamentals
Sound
Accounting Standards
(relevant to special purpose financials)
Sound
APES 110 Code of Ethics for Professional Accountants and

other mandatory ethical pronouncements
High
Income tax preparation software
Sound
Audits of trust accounts and SMEs
Sound
Microsoft Word
Sound
Microsoft Excel
Sound
MYOB
Basic
Quicken
High
Ability to organise own time
High
Telephone manner
Sound
Business letters/advice
High
Communication skills verbal
Sound
Time value interest and loan calculator
Basic
BGL Corporate Register software
Position description Office Administrator/Assistant Accountant

JOB TITLE:
Office Administrator/Assistant Accountant
GENERAL DESCRIPTION:
REPORTS TO:
Responsible for assisting the team and keeping certain information data in order.
Partners
RESPONSIBLE FOR:
Team administrative matters; learning business services accounting and tax skills.
Qualifications and experience:
Competent with Word Processing and Microsoft Office Professional
Two years office or other relevant experience.
Accountable for:
Answering and forwarding otherwise unanswered incoming phone calls and forwarding messages as required using
Outlook
Assisting the team and completing allocated assignments/tasks
Supporting the team by completing word processing, spread sheeting, data entry and other projects and tasks
Maintaining filing system, setting up new files and managing the archiving system
Maintaining the network computer filing system and standard letter precedents
Drafting standard letters as required
Taking responsibility for the petty cash including all receipts, cash and reconciling each week
With partners approval, ordering stock, stationery and printing as required
Completing some mail, cleaning duties
Scheduling appointments for clients to see team members using Outlook Calendar. This will require you to notify
team members of any appointments made for them
Enjoying work role, supporting other team members and promoting a positive team environment.
Position description new position

FIRM NAME:
__________________________________________________
SECTION:
__________________________________________________
TITLE/POSITION:
__________________________________________________
REPORTS TO:
__________________________________________________
PURPOSE:
Primary:
__________________________________________________
__________________________________________________
Secondary:
__________________________________________________
__________________________________________________
RESPONSIBILITIES:
___________________________________________________
___________________________________________________
AUTHORITY:
___________________________________________________
ACCOUNTABILITIES:
___________________________________________________
___________________________________________________
QUALIFICATION:
___________________________________________________
___________________________________________________
SKILLS:
(High, medium, low)
Level
Skill
Prepared by:
__________________________________________________
Approved by:
__________________________________________________
Date:
__________________________________________________
Amended:
__________________________________________________
5.3.3 Candidate interview and evaluation

checklist
Instructions
Planning interview questions and documenting the answers is a useful way of making the interviewing and selection process efficient.
The interviewer completes sections 1, 2 and 3
The partner completes sections 4 and 5.
Section 1 Initial interview

Name of applicant:
Position applied for:
Date of initial interview:
Interviewer:
List any important questions you plan to ask the interviewee during the interview:
Your question:
Interviewees answer:
1.
1.
2.
2.
3.
3.
4.
4.
5.
5.
At some time during the interview, discuss the relevant firm policies on:
Advancement
Travel
Holidays
Training and development
Overtime
Benefits
Rating:
Rate the applicant on each of the items below, according to the following scale
1
outstanding
above average
average
below average
not acceptable
unable to evaluate
Education: Does the candidates educational background/experience appear adequate for the
position?
Work experience: Does prior work experience appear to indicate the ability to assume
responsibility and work well with other people?
Personality: Did the candidate display a personality conducive to the values and objectives of
the firm?
Maturity and judgement: Did the candidate appear to possess maturity and sound judgement?
Communication: Did the candidate express his or her ideas and thoughts in a concise,
articulate manner?
Attitude and enthusiasm: Was an appropriate attitude and level of enthusiasm displayed?
Employment objectives: Did the candidate appear to be compatible with the position sought?
Quality of responses: Were the responses to questions indicative of careful thought and
sincerity?
Comments:
Recommendation:
Arrange second interview
Terminate application
Section 2 Other information

Attach the following additional information from the candidate:
Employment application
Academic record
Rsum
References, recommendation letters
Other please specify
Section 3 Reference check

Question
Reference 1
Date of enquiry
Person making enquiry
Name of prior employer or reference
Phone number
Position held
Duties and responsibilities
Would prior employer re-hire applicant?
Did applicant work well with others?
Did applicant have advancement potential?
Does prior employer believe applicant has necessary skills for
this position?
Does prior employer have concerns about applicants honesty
and integrity?
Section 4 Summary
No offer made
Employment offer made
Date of offer:
Starting salary:
Benefits:
Approved by:
Section 5 Follow up if offer is made
Offer is accepted (file form in personnel file)
Offer is rejected (file form in not hired file)
Planned starting date:
Reference 2
Reference 3
5.3.4 New staff orientation checklist

Instructions
Orienting new staff in the ways of the office usually means a more efficient and effective introduction to your firm for new staff members.
You may like to adapt this form to your office.
This form is to be completed by the person responsible for welcoming new staff on their first day of work
The form should be filed in the employees personnel file.
Name of employee:
Starting date:
Checklist completed by:
Done
N/A
Establish a personnel file to include the following:
Rsum and other application forms
Personnel information including insurance, superannuation, banking, etc.
Independence confirmation (see independence checklist)
Contract of employment
Other:
Done
N/A
Tour of office and introductions:
Tour of office diagram showing team names and telephone extension numbers
Filing, photocopying, mail, fax, air conditioning
Library
Introduction to other personnel in the practice
Arrange a first-week lunch, if appropriate
Security, access hours, keys
Other:
Done
N/A
Office or work station:
Take new staff member to their office or work station
Computer systems
Explain the telephone system and the firms answering policies
Explain the importance of adhering to the firms QC system and explain the key office policies and
procedures
Explain other less formal, but observed customs (e.g. dress codes etc.)
Other:
Done
N/A
Explain location of or provide copy of (if applicable):
Quality control manual
Accounting and auditing manuals used by the firm
Personnel manual. If the firm does not have a personnel manual explain overtime policy, vacation,
office hours, sick pay policy, insurance, etc.
The Institute Members Handbook or equivalent including independence and confidentiality rules of
the profession, technical and professional standards
Income tax laws and regulations
Periodicals
Other:
5.3.5 Professional staff performance review

Instructions
This form can be used for annual or half yearly reviews, or in relation to specific engagements. The form should be discussed by the
reviewer and the staff member, and signed by both.
Name of Employee:
Current Job Classification:
annual
Type of Evaluation:
semi annual
specific engagement
other
Rating Scale:
O
outstanding indicates extraordinarily high performance, well beyond that expected of someone at this level.
VG
very good indicates performance that exceeds usual expectations of someone at this level.
good indicates performance that meets that expected of someone at this level.
BN
below normal indicates that assignments and responsibilities are not being met as expected.
unacceptable indicates unacceptable performance in need of immediate improvement.
NA
not applicable assignments during evaluation period did not call for evaluation of this attribute.
Evaluation of professional skills:

O
VG
BN
NA
Demonstrates a commitment to ethical principles.
Ability to establish workload priorities.
Ability to organise and plan individual jobs.
Ability to supervise work of others including delegation, training and development.
Ability to complete work accurately and in a timely manner.
Understands assignments and follows instructions.
Neatness and clarity of work.
Ability to work independently.
Ability to analyse complex matters.
Ability to make decisions.
Ability to distinguish between material items and immaterial items.
Relations with client personnel and firm associates.
Communication capabilities written.
Communication capabilities oral.
Displays enthusiasm for work, especially more advanced or technical projects.
Response to suggestions and guidance from supervisors.
Demonstrates initiative.
Delegation to other staff.
Supervision and review of staff.
On-the-job training and development of staff.
Technical skills:
O
VG
BN
NA
Ability to comprehend various clients accounting systems and adapt work as

required.
Work paper preparation or review techniques (neat, accurate, comprehensive, and

understandable).
Knowledge of accounting theory.

Ability in relation to:
Tax returns
Financial statement
Monthly accounting
Audit work papers and related reports
Software
Research techniques
Tax planning ideas and techniques.
Personal characteristics:
O
VG
BN
NA
Responsibility (trustworthy and conscientious).
Integrity (loyal, sincere, reliable and punctual).
Attitude (co-operative, courteous, friendly and professional).
Commitment (dedication, team spirit).
Strong areas of employees performance:
Weaknesses of employees performance and areas for improvement, if any:
Training and development:

Reviewer and staff member discuss the staff members training and development record, and identify areas of future
training and development:
Other comments:
Notes in meeting:
Topics/issues discussed during meeting:
Staff member response:
1.
1.
2.
2.
3.
3.
Name
Evaluated by:
Employee:
Signature
Date
5.3.6 Administrative staff performance

review
Instructions
This form can be used for annual or half yearly reviews, or in relation to specific engagements. The form should be discussed by the
reviewer and the staff member, and signed by both.
Name of Employee:
Position:
Evaluated by:
Date of Evaluation:
Rating Scale:
O
outstanding indicates extraordinarily high performance, well beyond that expected of someone at this level.
VG
very good indicates performance that exceeds usual expectations of someone at this level.
good indicates performance that meets that expected of someone at this level.
BN
below normal indicates that assignments and responsibilities are not being met as expected.
unacceptable indicates unacceptable performance in need of immediate improvement.
NA
not applicable assignments during evaluation period did not call for evaluation of this attribute.
VG
BN
NA
Personal characteristics reflect a high degree of:
integrity
maturity
dependability
enthusiasm.
Exercises good work habits to effectively perform assigned duties.
Is well organised, capable of placing priorities and is conscious of the importance of

time management.
Keeps partner/immediate supervisor informed as to:
status of projects
problems that arise in routine duties.
Readily accepts responsibility and exerts effort beyond demands.
Respects confidentiality of client information and administrative information as

appropriate.
Understands and adheres to:
firm policy and procedures
internal office routines.
Is courteous, tactful and co-operative with others in the firm, recognising the
importance of teamwork.
Maintains a positive attitude.
Is loyal and projects a good image of the firm.
Responds positively to constructive criticism.
Is sensitive to appearance of the office.
VG
BN
NA
Uses software effectively.
Communicates effectively.
Strong areas of employees performance:
Weaknesses of employees performance and areas for improvement, if any:
Other comments:
Notes in meeting:
Topics/Issues discussed during meeting:
Staff member response:
1.
1.
2.
2.
3.
3.
Name
Evaluated by:
Employee:
Signature
Date
5.3.7 Training and development record

Instructions
Each professional staff member is required to maintain a training and development record. This will be discussed at the staff members
annual review, and a copy placed on the personnel file.
This sample record is based on the Institutes record for use by members in complying with Regulation R7.
Licensed Municipal Auditor (or its equivalent) Type A*
Registered Company Auditor Type A*
Specialist registration/s held:
(tick applicable registration/s)
Registered Trustee in Bankruptcy Type B

Registered Tax Agent Type T
Registered Company Liquidator Type L
Financial Planning Specialist Type F
* These registrations together constitute a single specialisation for T&D purposes
The training and development activities undertaken need not necessarily be accounting-related but should be
appropriate to your field of professional work.
Examples of activities that qualify for training and development credit are:
Congresses, conferences, forums, conventions, courses, seminars, workshops, lectures and other professional
educational activities presented by the Institute
Meetings of the Institutes or CPA Australias technical discussion groups
Appropriate educational activities provided by the members employer or practice entity, either in-house or externally
by individuals or organisations engaged by the employer
Tertiary courses presented by educational institutions
Appropriate educational and developmental activities presented under the auspices of academic institutions,
commercial establishments or other professional bodies
Researching and writing technical publications, preparation and delivery of technical papers, as a guide, three hours
preparation may be claimed for each presentation hour
Service on technical or research committees under the auspices of the Institute, CPA Australia, other professional
bodies or organisations
Programmed self-study, including self-study video, audio or TV packages
CA Program Mentoring, Workshops and examination markings.
Of the 120 hours of training and development to be completed over the triennium, up to 30 hours may be achieved by
reading of professional journals, technical bulletins, etc.
Holders of licences or registrations in a specialist area must devote a minimum of 40 per cent of their minimum training
and development activity to each specialisation (i.e. 40 per cent of 120 hours over the course of the triennium for each
specialisation).
From 1 July 2008 auditors of self managed superannuation funds must complete at least 30 hours of relevant
professional development activity in each rolling three year period, including at least 8 hours of superannuation training.
TEAM MEMBER NAME: ______________________________________________
Date
Organisation presenting
training and development
activity
Description of training and

development activity
(refer Regulation R7
Commentary iii)
Type of
specialist
hours (A,
B, T, L or F)
No. of
hours
Total hours
Signed as correct: ____________________________ Name:
__________________________________
Date: ____________
Chapter 6: Engagement performance

Engagement Performance
A/The firm shall establish policies and procedures designed to provide it with reasonable assurance that engagements are performed
in accordance with professional standards/AUASB Standards, relevant ethical requirements and applicable legal and regulatory
requirements, and that the firm or the engagement partner issue reports that are appropriate in the circumstances. Such policies and
procedures shall include:
Matters relevant to promoting consistency in the quality of engagement performance;
Supervision responsibilities; and
Review responsibilities.

A/The firms review responsibility policy and procedures shall be determined on the basis that work of less experienced team members
is reviewed by more experienced engagement team members.
ASQC 1 paragraphs A4 A6 link https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards
Consultation
A/The firm shall establish policies and procedures designed to provide it with reasonable assurance that:
Appropriate consultation takes place on difficult or contentious matters;
Sufficient resources are available to enable appropriate consultation to take place; and
Conclusions resulting from consultations are implemented; or the reasons alternative courses of action from consultations were
undertaken, are documented.
Engagement documentation
A/The firm shall establish policies and procedures for engagement teams to complete the assembly of final engagement files on a
timely basis after engagement reports have been finalised.
A/The firm shall establish policies and procedures designed to maintain the confidentiality, safe custody, integrity, accessibility and
retrievability of engagement documentation.
A/The firm shall establish policies and procedures designed for the retention of engagement documentation for a period sufficient to
meet the needs of the firm or as required by law or regulation.
ASQC 1 paragraphs A32 Aus A63.1 https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards

APES 320 paragraphs 64(c) and 70 to 92 and ASQC 1 paragraphs 34 (c) and 35 to 44 include specific requirements for assurance
practices. These are summarised below.
Differences of opinion
The assurance practice shall establish policies and procedures for documenting the nature and scope of, and conclusions resulting
from, consultations. Consultations are to be agreed by the individual seeking consultation and the individual consulted.
Engagement quality control review

The assurance practice shall establish policies and procedures requiring, for appropriate engagements, an engagement quality review
that provides an objective evaluation of the significant judgments made by the engagement team and the conclusions reached in
formulating the report. Such policies and procedures shall:
Require an engagement quality control review for all audits of financial statements of listed entities, and establish criteria for
determining which other engagements are to be subject to an engagement quality control review;
Set out the nature, timing and extent of an engagement quality control review; and
Address the appointment of engagement quality control reviewers.
6.2 About engagement performance

To ensure engagements are always performed according to firm policies, procedures are vital to
demonstrate:
The engagements are performed professionally and competently
Staff working on engagements have the appropriate skills
There is appropriate supervision of staff and review of their work
Standards and legislation are applied appropriately
Key decisions in engagements are documented
Areas of judgment are documented sufficiently and appropriately
Conclusions are soundly based.
This can enable a firm to demonstrate it has not been negligent in performing engagements.
This approach is also invaluable when a mistake has been made. Documenting the work when it takes place makes it
simple to go back at a later date to review and identify where the error occurred. Afterwards, the procedure can be
improved to reduce the likelihood of it happening again.
This section considers the policies and procedures required across the firm to comply with APES 320/ASQC 1. To
ensure reasonable assurance that engagements are performed appropriately, your firm will also need to implement
policies and procedures specific to the type of engagements it conducts (e.g. income tax return standard work papers
and checklists).
Consultations and referrals

It is important that a firm establishes and encourages a culture where colleagues consult one another on routine or
recurring matters.
Often a firm will look to external resources for assistance with difficult or contentious matters.
External sources of information include other professional firms, professional bodies, the Institutes Library/Technical
Support and specialist research providers. This may be through informal discussion, formal written consultation or by
referring the engagement to another provider.
It is essential that a firm, and all team members, retain control over client documentation. This is to retain client
confidentiality and also to maintain the integrity of the information in the documentation.
The safeguards and controls required will vary greatly depending on whether your firm maintains hard or soft
documentation, and the types of systems maintained.
Differences of opinion can occur with a client, an engagement quality control reviewer or between engagement team members
themselves. In all these instances, the difference of opinion must be resolved and documented before the audit or assurance report
is issued.
Engagement quality control review

There are also requirements and guidelines in APES 320/ASQC 1 for an engagement quality review, commonly referred to as a
second partner review. Although APES 320/ASQC 1 does not specify the engagement quality control review must be conducted by a
partner, for audits of listed entities the reviewer must have the authority to act as an engagement partner. It is also important that the
reviewer is sufficiently qualified and experienced to conduct the review.
Is the assurance engagement an audit undertaken for a listed entity?
If yes, an engagement quality review must be undertaken (refer to APES 320 paragraph 70/ ASQC 1 paragraph 35)
If no, an assurance practice needs to have a policy for when an engagement quality review will be necessary. Normally as part of
the audit strategy and planning process, the engagement partner must document their determination as to whether an engagement
quality review should be performed.
If the partner determines the review is required, APES 320 paragraphs 72 to 92 / ASQC 1 paragraphs 36 to 44 should be followed.

For more guidance on developing a quality control system engagement performance in an assurance practice, you could refer to the
IFAC publication Guide to Quality Control for Small and Medium-Sized Practices.
6.3 Pro-forma documents for engagement performance

These documents can be useful when developing engagement performance policy and supporting
procedures. They are Microsoft Word documents and can be tailored to individual firms.
Engagement performance policy statement
Work control form
Specialist consultants
Checklist for use of outside consultants
Differences of opinion resolution assurance practices only.

These flowcharts illustrate how these documents have been designed to fit into a firms procedures:
Procedures when performing an engagement

Due date for work to be completed to be agreed with client:
Client retention checklist [4.3.8] completed
Client engagement task checklist [4.3.7] updated
Job plan and estimated budget set
Engagement letter in place/updated
Work control form [6.3.2] completed
Job entered into firms workflow system (eg excel spreadsheet, commercial office
management system)
Time sheets entered in accordance with firms system
Work in progress reports produced monthly and high WIP clients identified and
investigated
Workflow reviewed by team

A checklist of suggested procedures for an engagement quality control review can be found in the IFAC publication Guide to
Quality Control for Small and Medium-Sized Practices.
Procedures when dealing with difficult of contentious areas
Difficult or contentious areas requiring consultation or referral identified
Matter referred to engagement partner for consultation/referral decision
Select expert from list of Specialist consultants [6.3.3]
Document consultation/referral on Checklist for use of outside consultants [6.3.4]
6.3.1 Engagement performance policy

statement
Instructions
Your firm is required to document its policy on engagement performance to comply with APES 320/ASQC 1, with additional
requirements for assurance practices.
You may like to adapt this policy statement to your firms situation.
Engagement performance
The firm aims for consistent quality by using manuals, industry standard software, template documents and appropriate
guidance material.
Team members are informed about the engagement and the objectives of their work. Work control and client information
forms, structure diagrams, organisation charts, and permanent file documents (such as trust deed summaries) help
team members to know the client. Engagement letters and/or business services checklists identify what work is to be
completed.
Supervision the progress of the engagement is tracked using the workflow management module of our professional
accounting software and time budgets. Every team member has direct partner contact daily. Job progress is formally
reviewed during weekly team meetings. Comprehensible instructions are given to team members on the work control
form and in person. The level of supervision varies depending on the seniority of the team member assigned to the
engagement.
Review a partner reviews all work completed and raises significant matters to ensure compliance with professional
standards, regulatory/legal requirements and completeness and accuracy of work performed.
Training and coaching partner reviews are viewed as part of on-the-job training and coaching of staff members.
Partners are accessible to assist and clear queries.
Consultations and referrals

Our clients will require the services of other professionals. We should be able to assist them by consulting experts or
providing referrals. Outside referrals should only be made to firms or individuals on our register and with partner
approval.
We maintain a list of specialist consultants we consult with where necessary. For all formal consultations and referrals
we document the consultation and implement the conclusions from the consultation.
The engagement partner is responsible for determining when a consultation or referral is required.
Consultations and referrals are properly resourced, encouraged and documented, and the conclusions implemented.
Documentation of any consultation on client files enables clear understanding of the matters considered, conclusions
reached and implementation details. If the consultation is in relation to an assurance engagement, the individual
consulted will also document their agreement to the documentation of any difficult or contentious matters. The
engagement partner is responsible for determining whether a matter is difficult or contentious.
All engagement files are to be completed on a timely basis. At a maximum this must be within 60 days of the
return/report etc. being issued.
All team members are responsible for safeguarding engagement documentation by implementing the following
procedures:
All workpapers are to clearly identify the preparer and reviewer
Any changes to workpapers must clearly indicate the changes and the team member who made the changes
Engagement documentation must be filed in the designated area whenever it is not in use by a team member
Electronic workpapers are password protected. Team members are not permitted to share their password with any
other individual.
Our IT system includes the following security features:

[tailor to your firm, including policy on password protection of documents, controls over issuing of passwords and
backup policy].
The firm does not destroy engagement documentation unless it has obtained legal advice that destruction is appropriate.
In all instances the firm will retain client documentation for at least the following minimum periods:
Superannuation Industry (Supervision) Act
Tax Act
Statute of Limitations
Corporations Act
Audit
accounting records
minutes of meetings
records of directors/trustees
reports given to members
any record pertaining to tax
accounting records
working papers
5 years
10 years
10 years
10 years
5 years
7 years
7 years
8 years
Any difference of opinion should be identified at an early stage and each step of the processes undertaken to resolve the difference
should be documented.
The audit or other report will not be issued until the matter is resolved.
Engagement quality review

The firm will ensure an engagement quality review (EQR) is undertaken for all listed entity audits.
For all other assurance engagements the engagement partner will consider the following criteria when determining whether an EQR
should be performed:
level of engagement audit risk if the level of audit risk is considered to be high then it is more likely that an EQR is required
seniority of staff conducting the engagement the need for an EQR should reduce with the higher levels audit team
experience/proficiency
any EQR conducted on this engagement in prior years if an EQR has been conducted in recent years the need for a current year
review may be reduced
findings/ recommendations of any previous EQR if the EQR revealed few issues, the need for a current year EQR is reduced. Did
the EQR recommend the required frequency of subsequent EQRs?

For suggested policies and procedures for the appointment of an engagement quality control reviewer, and the scope of their work, you
could refer to the IFAC publication Guide to Quality Control for Small and Medium-Sized Practices.
6.3.2 Work control form

Instructions
Your firm is required to implement policies and procedures in relation to the performance of engagements.
You may like to adapt this form to your firm, to be supplemented by engagement specific work papers and checklists.
Client name(s): ___________________________
Code: ________________________
Period/year end: __________________________
Job controller: _________________
WORK REQUIRED:
Financials: Interim to: _____________________
OR
Final year ended: ______________
Tax returns: I : P : T : C : F
Other: (please specify)
_________________________________________________________________________________________
Urgency factor: H/M/L
Date due: _________
Interview checklist
Engagement letter
Business task checklist
Key frustrations in your business
Business plan/goals
Capital gains tax register
Client retention decision
Budget analysis
Tax planning strategies
Wealth creation
Risk management
Succession and estate
planning
Interviewed by: _______________ on _________

Work mailed in/delivered on: _________________
Description of records provided by client:
____________________________________________________________________________________________________
Job plan:
Person
Time budget
Time spent
Notes
Coding/summarising info
Posting/entering
Interim/final accounts
Tax returns
Other
Partner time (review/supervision)
Last year fee:
$______________
Last year write off: $______________
This year budget: $______________
Fixed fee quoted: $______________
Office costing summary (detailed WIP printout attached)

Actual WIP
Write-off/(up)
Completed by: _______________
Final fee
Date: ________
Date
Reviewed by: ______________
Comments
Date: _______
6.3.3 Specialist consultants

Instructions
Having a pre-prepared list of specialist consultants is an efficient and effective tool when consultations are required. These consultants
could be in-house specialists, or external to your firm.
For assurance engagements, assurance practitioners should have regard to ASA 620 Using the Work of an Expert.
Name
Company formation services
Discretionary/unit trust deed preparation/amendment
Financial planning
Risk insurances
General insurance
PI insurance
Mortgage broker
Finance broker lease, chattel mortgage
Stock broker
Superannuation complex advice
Insolvency voluntary administration bankruptcy
Audit
Independent valuations
Complex income tax opinions
Complex indirect tax matters
Income tax planning/structuring
Company strike-off
Solicitor general work
Actuary
Contact details
6.3.4 Checklist for use of outside

consultants
Instructions
Documenting consultations is an important part of engagement performance.
You may like to adapt this form to your firm.
Client name:_____________________________
Client code:__________________
Date: ___________________________________
Prepared by: _________________
Outside consultants name/firm: _______________________________________________

Reasons for use:
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
Client advised of use
Yes
No
Written brief forwarded to Consultant
Yes
No
Client advised of estimated cost for Consultant
Yes
No
Written advice received and forwarded to client
Yes
No
If no, how was client advised?

_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
Partner: ________________________
Date:
____________
6.3.5 Differences of opinion resolution

assurance practices only
Instructions
An assurance practice must document how it has resolved differences of opinion.
Facts
Implication
Treatment/opinion #1
Treatment/opinion #2
Source of information used to resolve the matter
Recommended/agreed approach/resolution
Matter finalised with resolved action taken
Yes
No
Reviewed:
Partner: ______________________________
Date: _________________
Chapter 7: Monitoring
Monitoring
A/The firm shall establish a monitoring process designed to provide it with reasonable assurance that the policies and procedures
relating to the system of quality control are relevant, adequate and operating effectively. This process shall:
Include an ongoing consideration and evaluation of the firms system of quality control, including, on a cyclical basis, inspection of
at least one completed engagement for each engagement partner;
Require responsibility for the monitoring process to be assigned to a partner or partners or other persons with sufficient and
appropriate experience and authority in the firm to assume that responsibility; and
Require those involved in performing the engagement or the engagement quality control review are not involved in inspecting the
engagements.
APES 320 paragraphs 107 AUST109 http://www.charteredaccountants.com.au/files/documents/APES320.pdf
ASQC 1 paragraphs A64 Aus A68.1 https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards
Complaints and allegations

A/The firm shall establish policies and procedures designed to provide it with reasonable assurance that it deals appropriately with:
Complaints and allegations that the work performed by the firm fails to comply with professional standards/AUASB Standards,
relevant ethical requirements, and applicable legal and regulatory requirements; and
Allegations of non-compliance with the firm's system of quality control.
As part of this process, the firm shall establish clearly defined channels for firms personnel to raise any concerns in a manner that
enables them to come forward without fear of reprisals.
If during the investigations into complaints and allegations, deficiencies in the design or operation of the firms quality control policy or
procedures or non-compliance with the firms system of quality control by an individual or individuals are identified, the firm shall take
appropriate actions as set out in paragraph 115/51 of this Standard.
(APES 320 paragraph 119 and 122, ASQC 1 paragraph 55 and 56)

APES 320 and ASQC 1 include specific requirements for assurance practices.
Evaluating, communicating and remedying identified deficiencies

A/The firm shall evaluate the effect of deficiencies noted as a result of the monitoring process and determine whether they are either:
Instances that do not necessarily indicate that the firms system of quality control is insufficient to provide it with reasonable
assurance that it complies with professional standards/ AUASB Standards, relevant ethical requirements, and applicable legal and
regulatory requirements, and that the reports issued by the firm or engagement partners are appropriate in the circumstances; or
Systemic, repetitive or other significant deficiencies that require prompt corrective action.
A/The firm shall communicate to relevant engagement partners and other appropriate personnel deficiencies noted as a result of the
monitoring process and recommendations for appropriate remedial action.
Recommendations for appropriate remedial actions for deficiencies noted shall include one or more of the following:
Taking appropriate remedial action in relation to an individual assurance engagement or member of personnel;
The communication of the findings to those responsible for training and professional development;
Changes to the quality control policies and procedures; and
Disciplinary action against those who fail to comply with the policies and procedures of the firm, especially those who do so
repeatedly.
A/The firm shall establish policies and procedures to address cases where the results of the monitoring procedures indicate that a
report may be inappropriate or that procedures were omitted during the performance of the assurance engagement. Such policies and
procedures shall require the Firm to determine what further action is appropriate to comply with relevant professional standards/AUASB
Standards, relevant ethical requirements, and applicable legal and regulatory requirements and to consider whether to obtain legal
advice.
A/The firm shall communicate at least annually the results of the monitoring of its system of quality control to engagement partners and
other appropriate individuals within the firm, including the firms chief executive officer or, if appropriate, its managing board of partners.
This communication shall be sufficient to enable the firm and these individuals to take prompt and appropriate action where necessary
in accordance with their defined roles and responsibilities. Information communicated shall include the following:
A description of the monitoring procedures performed.
The conclusions drawn from the monitoring procedures.
Where relevant, a description of systemic, repetitive or other significant deficiencies and of the actions taken to resolve or amend
those deficiencies.
Some firms operate as part of a network and, for consistency, may implement some of their monitoring procedures on a network basis.
Where firms within a network operate under common monitoring policies and procedures designed to comply with this standard, and
these firms place reliance on such a monitoring system, the firms policies and procedures shall require that:
At least annually, the network communicate the overall scope, extent and results of the monitoring process to appropriate
individuals within the network firms; and
The network communicate promptly any identified deficiencies in the system of quality control to appropriate individuals within the
relevant network firm or firms so that the necessary action can be taken, in order that engagement partners in the network firms
can rely on the results of the monitoring process implemented within the network, unless the firms or the network advise otherwise.
(APES 320 paragraphs 112, 113, 115, 116, 117 and 118, ASQC 1 paragraphs 49 54)
APES 320 paragraph 114 http://www.charteredaccountants.com.au/files/documents/APES320.pdf
ASQC 1 paragraph A69 https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-forpractitioners/Practitoner-updates/Practitoner-updates/Quality-control-standards
7.2 About monitoring

To ensure it remains relevant and operates effectively, a quality control system must be monitored and
enhanced on an ongoing basis. Changes to professional standards and regulatory and legal requirements
must be reflected in policies and procedures; training and development must be tracked; quality
improvements must be made; and results of feedback mechanisms need to be communicated to the team
with follow-up action taken.
Doing this will ensure that procedures and policies are up to date at all times including during quality reviews.
If something goes wrong the blame a system not a person approach can be applied. In this way, input from the team
helps design a stronger system. Also team ownership of the new system means less chance of subsequent error.
Tip: engagement review
Practices are required by APES 320/ASQC 1 to implement a rigorous monitoring regime.
At least one engagement file for each partner must be reviewed for adherence to quality control policies and procedures on a
cyclical basis. If a firm has undergone an Institute review, file reviews by Institute Quality Reviewers can be taken into account
when determining which files need review
This review should be conducted by an individual who is not the engagement partner or engagement quality control reviewer.
In a small firm this could be a suitably qualified and experienced staff member who has not been involved in the engagements
being reviewed. Alternatively the reviewer could be a consultant or someone from another firm. It would not be appropriate for
a sole practitioner to review their own engagement files as they are involved in the performance of all engagements
The reviewer could use the Institutes quality review questionnaires during the review. These questionnaires are available here:
https://www.charteredaccountants.com.au/Industry-Topics/Quality-review/Resources-for-practitioners/Quality-reviewquestionnaires

Many firms will receive a complaint at some point in time. If an error has been made, this is an opportunity to learn, put it
right and ensure it is not repeated systematically in future. Having a reliable system in place can help do this.
From a clients perspective, handling their complaint appropriately can turn a negative situation into a positive one. It is
important to manage their expectations throughout. Set a realistic deadline for a response and, if this ever looks in
jeopardy, contact the client promptly to tell them.
Registered Company Auditors (RCAs) are also required by the Corporations Act (2001) Regulation 9.2.08(d) to establish
and maintain procedures for dealing with complaints by audit clients as a condition of auditor registration. For the latest
information on ASICs interpretation of this condition refer to the ASIC website [www.asic.gov.au].
Tip: client disputes
In addition to pro-forma documents below, the Institute has developed a free Dispute resolution toolkit that can assist firms in
handling client disputes effectively. This can be viewed here: https://www.charteredaccountants.com.au/The-Institute/Membercomplaints-and-discipline/Dispute-assistance-for-members/The-dispute-resolution-toolkit.aspx .
Whistleblowers: Company auditors' obligations

Company auditors and members of external audit teams have legal obligations under the Corporations Act (2001) s.
1317AA if they receive a revelation from a whistleblower. Unless audit staff handle the revelation correctly they may
inadvertently breach the Act. For more information on how assurance practices can comply with their obligations, refer
to the ASIC website.
7.3 Pro-forma documents for monitoring

These documents can be useful when developing monitoring policies and procedures. They are Microsoft
Word documents and can be tailored to individual firms.
Monitoring policy statement
Job review form
Firm feedback form
System review
Quality culture assessment
Client complaint record
These flowcharts illustrate how the documents have been designed to fit into a firms procedures:
Procedures for monitoring a firms quality control system
Partner review of each engagement includes review of adherence to quality

control policies and procedures. Review points are included on the Job review
form [7.3.2]
Quality control leader (or nominee) conducts informal review monthly [7.3.3]
Quality control leader (or nominee) conducts firm systems review annually,
including review of quality control policies and procedures [7.3.4] and implements
follow up action
Firm assists with Institute quality review every 3 or 5 years

Engagement file reviews conducted at least once every 3 years for each
assurance partner
Procedures when dealing with a client complaint

Complaint received from client
Complaint referred to engagement partner for appropriate action

If required by the firms policy, complaint referred to another partner or
consultant/firm for investigation
Complaint documented on Client complaint record [7.3.6]
PI insurers notified if necessary
7.3.1 Monitoring policy statement

Instructions
Your firm is required to document its policy on monitoring to comply with APES 320 and ASQC 1.
Note that APES 320ASQC 1 include more requirements for assurance practices, so additional policies are included here for assurance
practices to adopt in addition to the general policies.
You may like to adapt this policy statement to your firms situation.
Monitoring
We are committed to the ongoing evaluation of our firms system of quality control. The responsibility for this is taken on
by all the partners.
All engagements are reviewed by the engagement partner before the report/return etc. is issued to the client. This
engagement review includes reviewing whether the firms policies and procedures have been adhered to. When issues
are identified or errors are uncovered during engagement reviews, the system, policies and relevant procedures are
reviewed and practical changes that should reduce the risk of future similar errors are made. Where relevant training
programs will address issues uncovered during monitoring procedures.
Monthly, the individual assigned responsibility for quality control, our quality control leader, conducts an informal
assessment of the practice. This is discussed with all team members at team meetings, and appropriate follow-up action
implemented.
Annually, the firms systems including the quality control manual and all forms and procedures are reviewed by the
quality control leader. This review includes a quality culture assessment, focusing on the firms commitment to quality.
The quality control leader, in conjunction with all partners, is responsible for implementing enhancements of the system.
Every three/five years, an independent quality assurance review is conducted by a reviewer appointed by the Institute of
Chartered Accountants in Australia. The firm is supportive of this process.
A review of an engagement file for each partner will be conducted at least once every three years.

Complaints are taken seriously by the firm and are immediately referred to the engagement partner. Complaints are to
be acknowledged with the client, and a prompt resolution sought. Clients must be kept informed as to the progress of
the resolution.
Every formal complaint received is examined to determine if a weakness in the firms system(s) exists which is in need
of improvement.
A record of client complaint form is completed to aid in satisfactorily resolving the matter.
PI insurers are notified, if necessary.

If our firm receives a complaint from an assurance client, that complaint is investigated by a partner not involved
in the engagement. As we are a small firm this investigation will be referred to a consultant or another firm in
instances where the complaint is designated serious. The managing partner has responsibility for designating
complaints as serious.
Assurance practices that conduct audits under the Corporations Act need to implement policies and procedures to
deal with whistleblower revelations from clients. For more information on how assurance practices can comply
with their obligations, refer to the ASIC website.
Staff are free to raise concerns with the engagement partner or managing partner without fear of reprisal.
7.3.2 Job review form

Instructions
Documenting the partners review of an engagement file is an essential procedure to demonstrate that the review has been conducted.
Using a form like this one is useful to clearly record review points, and that they have been cleared.
A copy of this form can also be passed to the quality control leader if any of the review points are relevant to the quality control system.
Year/period ended: _____________________________

Client: _______________________________________
Review point
Response
Cleared
Signed off by partner as complete (all queries cleared): _____________________________
Date: ____________
7.3.3 Firm feedback form

Instructions
This form can be used to monitor the firms systems and work environment on an informal basis between annual system reviews.
Date:
______________________
Team member:
________________________________________
Poor
Good
Excellent
Reception appearance and performance
Telephone manner
Team refreshments
Kitchen cleanliness
Tidiness and maintenance of office
Mail distribution
Filing
Stationery supply
Equipment problems
Internal communication system
Completion of processing forms
Computer processing
Work presentation
Reviewing
Work flow (Accountants)
Work flow (Support)
Assistance when required
Availability of board/interview rooms
Stress levels in office
Communication among team members
Personal skills development
Team morale
Comments/suggestions:
Any comments clients made this month:
7.3.4 System review

Instructions
Your firm is required to monitor its quality control policies and procedures. Completing a thorough review of all the firms systems
annually is a useful way of reviewing whether the systems need updating and, importantly, whether they are operating effectively for
your firm.
You may like to adapt this form for your firm. This form has been adapted from the IFAC publication Guide to Quality Control for Small
and Medium-Sized Practices.
Monitors Questionnaire
The Monitors Report will consist primarily of answers to the following questions.
For each of the questions with a No answer, please include your observations, conclusions, and recommendations (if
appropriate) in your report to the partner(s) responsible for quality control.
Yes
1.
Is the management of the system of quality control in the firm assigned to a

partner or other person with sufficient and appropriate experience and
authority?
2.
Does the firm have a written quality control manual (QCM) or policies?
3.
Does the content of the written QCM conform in all relevant respects with
the requirements of APES 320/ASQC 1?
4.
Have the results of the comparison of firm QCM with APES 320/ASQC 1
requirements been communicated to the person(s) responsible for the
system of quality control in the firm (including details of missing or
inappropriate, policies, procedures, and documentation)?
5.
Has at least one engagement been examined for each partner?
6.
For engagements reviewed, did you (as monitor) ensure that you were
neither a member of the engagement team, nor a Quality Control Reviewer
(QCR) on the engagement?
7.
Were any deficiencies found that appeared to be systematic, repetitive or

otherwise significant and requiring prompt corrective action?
8.
Is there evidence that a report issued by the firm may have been
inappropriate?
9.
Was there evidence of required engagement procedures not performed?
10.
Have all deficiencies been reported in writing to the partner(s) responsible

for the system of quality control within the firm?
11.
For files reviewed, have appropriate file inspection checklists been

completed and retained in the documentation?
12.
Is there evidence that the partner(s) responsible for the system of quality
control in the firm have communicated at least annually to appropriate
partners and others regarding the monitoring procedures performed over
the past year, conclusions drawn from such procedures, and a description
of any systemic, repetitive or other significant deficiencies found and action
taken to resolve such deficiencies?
No
N/A
Action Required
Monitors Report
To: (Partner(s) responsible for the system of quality control in the firm)
Review conducted between (beginning date) and (ending date)
Period Covered: From (beginning date) to (ending date)
Name of Sole Proprietor/Partner(s) for whom files were reviewed:
I have been assigned/engaged to perform a monitoring inspection for the firm, including a review of the quality control
policies and a review of engagements representing at least one per partner.
The management of the system of quality control in the firm appears to [be/not to be] assigned to a partner or other
person with sufficient and appropriate experience and authority.
(Insert explanation if the conclusion is negative.)
1.
The firm [does/does not] have a written quality control manual (QCM) and/or quality control policies and procedures.
(Insert explanation offered by partner(s) responsible for the system of quality control, if a written QCM is
incomplete.)
2.
In my opinion, the content of the written quality control manual (QCM) [does/does not] conform in all relevant
respects with the requirements of APES 320/ASQC 1.
3.
I [found/did not find] the following missing or inappropriate policies, procedures, and/or documentation in your QCM.
4.
I [found/did not find] evidence that the partner(s) responsible for the system of quality control in the firm have
communicated at least annually to appropriate partners and others regarding the monitoring procedures performed
over the past year, conclusions drawn from such procedures, and a description of any systemic, repetitive or other
significant deficiencies found and action taken to resolve such deficiencies.
5.
I have reviewed at least one engagement for each partner.

For engagements reviewed, I verified that I was neither a member of the engagement team, nor a quality reviewer
on the engagement.
Insert details of each engagement selected (including partner name, engagement type, client name, and year-end
date)
6.
I [found/did not find] deficiencies within the file engagements that appeared to be systematic, repetitive or
otherwise significant and requiring prompt corrective action.
Insert details of each such deficiency found.
7.
I [found/did not find] evidence indicating that a report issued by the firm may have been inappropriate.
Insert details of evidence indicating the possibility that an issued report may not have been appropriate.
8.
I [found/did not find] evidence that engagement procedures required either by ISA or the firm were not performed.
Insert details of evidence indicating that required procedures were not performed including a reference to the
requirement.
9.
I have reported all deficiencies found in the course of my review to the partner(s) responsible for the system of
quality control in the firm.
10. For files reviewed, I have completed the appropriate file inspection checklists and these are attached to this report
as appendices.
7.3.5 Quality culture assessment

Instructions
Culture is the way things are done and the attitudes of the people doing them.
You may choose to use this form to measure your firms culture for quality management and to evaluate how conducive your firm is to
participation by staff. It should be completed at the same time as the annual system review.
A
Agree
1
New ideas are encouraged and are welcome
Work procedures must be followed very closely
Management often tries new methods and techniques
A great deal of conformity to the status quo is required
People really enjoy trying to come up with better ways to

do things
It is safe to speak up and tell it like it is
They make a big secret about everything
Important information seldom gets out in time
Management communication is usually frank and honest
10
Supervisors are interested in listening to the opinions of

employees
11
The responsibility for controlling costs belongs to higher

management
12
Each employee has an important impact on costs, quality

and productivity
13
There are many opportunities to improve product (or

services) quality
14
Supervisors are not interested in performing quality work
15
Employees are truly interested in performing quality work
16
People frequently work together in teams or groups
17
Theres a lot of class distinction between levels of the

organisation
18
Most decisions are made by higher management
19
Information is shared with trust and confidence
20
Supervisors often involve employees when making

decisions
21
There is a great deal of conflict between departments
22
People are friendly and helpful
23
The relationship between management and employees is

good
24
Most senior employees try to help newer employees get

adjusted
25
People seem to work well together
26
Work goals or standards of performance are clear and

understandable
27
Supervisors seldom say what is expected of you
28
Most work goals or standards are realistic and attainable
29
Employees are seldom told how well they are doing on

their job
B
Somewhat
Agree
C
Somewhat
Disagree
D
Disagree

A
Agree
30
Performance measurement information is fairly accurate
31
The major tools of motivation are reward and punishment
32
Employees are recognised when they do good work
33
Rewards are promised but seldom granted
34
Supervisors help employees gain satisfaction from their

work
35
People are motivated to achieve above average

performance
36
Management is generally against change
37
Useful new ideas are accepted readily
38
People prefer to do things the old way
39
Most employees are eager and willing to try new methods
40
Change is an accepted way of life
41
When problems arise people tend to deal with them

emotionally
42
It is easier to develop solutions than to find causes of a

problem
43
If we put our minds to it we can solve our operational

problems
44
Management uses fairly effective problem solving

methods
45
No one seems willing to take responsibility for making a

decision
B
Somewhat
Agree
C
Somewhat
Disagree
D
Disagree
Scoring Instructions: Determine the point value for your response to each item and enter it in the score column. (A= Agree, etc). Total
the scores for all five items in each category and enter in the CATEGORY SCORE box. Enter the scores for each category in the
SCORE column of the summary section, total the category scores and enter the sum in the TOTAL CULTURE COUNT box. A culture
conducive to employee participation/involvement is indicated by a TOTAL CULTURE COUNT of 135 or more. Scores of less than 15 for
any category suggest weaknesses in that dimension.
Creative Climate
Communication
Item
SWD
Item
SWA
3
Score
10
Category Score
11
12
13
SWD
Score
Category Score
Productivity Consciousness
Item
SWA
SWA
Participation Climate
SWD
14
15
Score
Item
16
17
18
19
20
Category Score
Category Score
SWA
SWD
Score
Interpersonal Climate
Item
21
22
23
SWA
Goals and Standards

SWD
24
25
Score
Item
26
27
28
29
30
Category Score
Category Score
Motivation
Change
Item
31
32
33
SWA
SWD
34
35
Score
SWA
36
37
38
39
40
Category Score
Problem Solving
Item
SWD
41
SWA
2
42
43
44
45
Score
Category Score
Category
Score
Creative Climate
Communication
Productivity Consciousness
Participative Climate
Interpersonal Relationships
Goals and Standards
Motivation
Change
Problem Solving
TOTAL CULTURE COUNT
Action required:
SWD
Item
Category Score
SWA
SWD
Score
Score
7.3.6 Client complaint record

Instructions
Your firm is required to deal with complaints and allegations appropriately.
In the event of a client complaint, you may also find the Institutes Dispute resolution toolkit useful
https://www.charteredaccountants.com.au/The-Institute/Member-complaints-and-discipline/Dispute-assistance-for-members/Thedispute-resolution-toolkit.aspx .
Client Name:
________________________
Clients Accountant:
________________________
Partner dealing with complaint:
________________________
Date:
__________
Details of Complaint
Implications of the Clients concerns
Action Taken
Solution agreed with / Communicated to Client
Professional Indemnity Insurers / Broker to be advised

Reasons documented below.
y/n
Feedback to Team
System Weaknesses Identified - to be improved
Signed off as matter complete:
________________________
Date:
______________________

Technical enquiries or improvement suggestions
If you have any technical enquiries after reading this guide, or suggestions for how it could be improved, email the
Institutes professional standards team at professionalstandards@charteredaccountants.com.au or call (02) 9290 5627.

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