ISCA

CENTRE FOR AUDITING AND ASSURANCE


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Implementing SSQC 1 for Sole Practitioners – Challenges And Solutions (Part 1)

Published on - Monday, November 18th, 2013

Implementing SSQC 1 for Sole Practitioners – Challenges And Solutions (Part 1)

Against the backdrop of rising expectations by stakeholders in the financial eco-system on the quality of public accounting firms, it is ever more important for firms to embark on the implementation of the Singapore Standard on Quality Control 1 (SSQC 1) Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements. However, smaller firms, with their limited resources, inevitably face challenges in implementing SSQC 1. Sole practitioners in particular encounter their distinctive challenges, which can be different from those faced by partnerships, in adopting this standard.

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