Accounting firms are subject to tremendous pressure and risk. Customer pressure to cut corners, even "misleading" (erroneous) statements to lawful authorities, as well as constant and growing pressure to do more work for even lower fees. The risk returns to the accounting firm in order to catch these things – involuntarily or even unknowingly – and the cost for the imposition of punishments and damages for hard costs
There are many kinds of risk management solutions in our professional world and these organizational practice. Many companies are currently examining market risk, credit risk, operational risk, and many other risks. Most of the risks that accountants find relevant to their practices are considered to be operational risks and include fraud, post-disaster recovery, regulation, reputation, and administrative risk.
Quality Control means a system of policies and procedures, professional standards and regulatory requirements. A thorough understanding of risk management is a key basis for an effective quality assurance system in practice.
Consequently, the compressed manual is the central element of an effective quality control system and provides a detailed description of key risk management areas for client work. Quality Management Manua is not just a well-designed set of workbooks, though they form part of an effective quality control system. In addition, Quality Assurance Manual is essentially a guide to handling clients (and staff) at all stages of interaction with them.
Professional Standards and Requirements
The quality assurance requirements of Australian civil service auditing firms can be found in the APES 320 Companies Code (APES = Accounting Professional and Ethical Standards Body). This standard has a mandatory professional status for all companies registered in the main accounting bodies, for all orders in these companies in Australia. In addition, the standard supports the 2001 Corporate Law (Commonwealth) 2M. All the controls carried out by the companies in part.
A law regulating Australian tax agents' activities has recently changed, which increases the obligations of compliance with agents and, consequently, the level of risk associated with completing customer agreements. This is included in the statutory professional code of conduct (30-10, Law on Tax Services, 2009).
Although not explicitly provided in the Act, a comprehensive manual and system will serve the majority's compliance (if not all) requirements of the Code of Conduct, the registrations of tax agents must comply.
What should be done and how to do it when executing client orders to create and maintain high professional standards and high quality work. In addition, the quality management manual is the most important tool for overseeing and reviewing the quality assurance system.
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