ASCQC1 requires:
A) the audit firm to establish procedures to assess the integrity of the audit client.
B) the audit team to be independent.
C) the audit firm to establish policies and procedures to provide reasonable assurance to maintain an appropriate level of independence.
D) the audit firm to not receive fees totalling more than 15% of total fees from one audit client.

Question

Quizplus · Accepted Answer

ASCQC1 requires the audit firm to establish policies and procedures to provide reasonable assurance to maintain an appropriate level of independence. While A and B may also be requirements, they are not specifically mentioned in ASCQC1. D is also not a requirement of ASCQC1.

ASCQC1 Requires