The road to quality. Successful business is rooted in quality and as such the quality control of accounting and auditing functions of an accounting firm is essential to the firm's profitability. Quality review can be defined simply as the process by which accountants and auditors are judged by their peers as to whether they are practicing in accordance with standards promulgated by the profession. The program's goals are accomplished through awareness, education, and corrective actions. The objectives of the quality review program are achieved through the performance of reviews involving procedures tailored to the size of the firm and the nature of its practice.
Quality control is a term that arose in industry.
It refers to a systematic means of testing or inspecting a product to ensure that certain predefined specifications or tolerances are being met. Industry accomplishes its objective measurement by setting specific standards, then monitoring them. In accounting and auditing, aside from the requirements of practice monitoring programs, quality is at the root of a successful business. The quality of a firm's accounting and auditing services, and the efficiency in delivering those services, are fundamental to profitable operations. Documentation of Firm Policy Leads to Compliance with Professional Standards and a More Efficient Operation.