ASCA-Jordan Issues the Translated Arabic Version of the Guide to Quality Control for SMEs Practices

This Guide was designed to promote consistent application of the International Standard on Quality Control (ISQC) 1, “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements”, as it introduces a practical approach of the method used by practitioner entities when developing quality control systems

AMMAN------ September 11, 2012-------- The Arab Society of Certified Accountants (Jordan) ASCA-Jordan issued the approved translated Arabic version of the Guide to Quality Control for Small and Medium-Sized (SMEs) Practices, issued by the International Federation of Accountants (IFAC).

This Guide was designed to promote consistent application of the International Standard on Quality Control (ISQC) 1, “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements”, as it introduces a practical approach of the method used by practitioner entities when developing quality control systems. 
 
This Guide primarily assists small and medium-sized practices in providing high quality services to customers through:

• Assisting an entity in developing quality control system;
• Enhancing consistent application with quality control requirements in audits and reviews and other assurance and other related services engagements.
• Providing a reference document of training in the entity.
The Guide includes suggestions on how member bodies of the IFAC optimally make use of guidelines in consistence with the Federation’s needs and jurisdiction, and explains the necessary procedures and steps to comply with this standard. Therefore, the Guide combines between requirements and application methods to provide comprehensive coverage of the (ISQC) 1.

It is worth mentioning that ASCA-Jordan continuously seeks to develop accounting and management sciences, as well as all related principles applicable to professional services. ASCA-Jordan also strives to improve competence and practice and strengthen the code of ethics in accordance with the highest professional standards through the issuance of accounting publications and following up on the recent developments in accounting and auditing.