SUMMARY Nature of service Audit Review Agreed-upon Procedures Compilation Level of Assurance

Provided High, but not absolute assurance Moderate assurance No assurance No assurance Report
provided Positive assurance on assertion(s) (Audit Report) Negative assurance on assertion(s) (Review
Report) Factual findings of procedures Identification of information compiled (Compilation Report) CPA
REVIEW SCHOOL OF THE PHILIPPINES 4Manila AUDITING THEORY CPA REVIEW ● PSQC1 QUALITY
CONTROL FOR FIRMS THAT PERFORM AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION,
AND OTHER ASSURANCE AND RELATED SERVICES ● PSA 220 (REVISED) QUALITY CONTROL FOR AUDITS
OF HISTORICAL FINANCIAL INFORMATION ● PSA 210 [AMENDED BY PSA 700(REVISED)] TERMS OF AUDIT
ENGAGEMENTS PSQC 1 1. The firm should establish a System of Quality Control to provide it with
reasonable assurance that: a. The firm and its personnel comply with professional standards and
regulatory and legal requirements; and b. The reports issued by the firm or engagement partners are
appropriate in the circumstances. 2. Elements of a System of Quality Control a. Leadership responsibility
for quality within the firm b. Ethical requirements c. Acceptance and continuance of client relationships
and specific engagements. d. Human resources e. Engagement performance f. Monitoring