QC 1000 Defined Terms

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Across
  1. 3. Acronym for “applicable professional and legal requirements”
  2. 5. Engagement ____________. An instance of noncompliance with applicable professional and legal requirements by the firm, firm personnel, or other participants with respect to an engagement of the firm, or by the firm or firm personnel with respect to an engagement of another firm.
  3. 8. Any audit, attestation, review, or other type of service performed under PCAOB standards led by a firm or in which a firm “play[s] a substantial role in the preparation or furnishing of an audit report” as defined in PCAOB Rule 1001(p)(ii).
  4. 9. QC ______________. An engagement deficiency or any other item identified about the design, implementation, or operation of the firm’s QC system that may indicate one or more QC deficiencies exist.
  5. 10. Quality _____________. Policies and procedures designed and implemented by the firm to address quality risks.
Down
  1. 1. Two words. Accounting firms (foreign or domestic, registered or unregistered), accountants, and other professionals or organizations, other than firm personnel, whose responsibilities include assisting with the performance of the firm’s engagements; or the design, implementation, or operation of the firm’s QC system, including engagement quality reviews.
  2. 2. Quality _____________. The desired outcomes in relation to the components of the QC system to be achieved by the firm.
  3. 4. Two words. Individual proprietors, partners, shareholders, members or other principals, accountants, and professional staff of a registered public accounting firm whose responsibilities include assisting with the performance of the firm’s engagements; or the design, implementation, or operation of the firm’s QC system, including engagement quality reviews.
  4. 6. Quality _____________. individually or in combination with other items, these have a reasonable possibility of occurring and, if they were to occur, a reasonable possibility of adversely affecting the firm’s achievement of one or more quality objectives.
  5. 7. ___________ QC Deficiency. An unremediated QC deficiency or combination of unremediated QC deficiencies, based on the evaluation under QC 1000.78, that severely reduces the likelihood of the firm achieving the reasonable assurance objective or one or more quality objectives.