QUALITY ASSURANCE REVIEW (QAR)

Quality Assurance Review is a comprehensive appraisal or review conducted by the Board of Accountancy, or its duly authorized representative, of the quality of audit of financial statements (FS) by CPA public practitioners. The evaluation process focuses on:

• A review of the quality control (QC) measures the CPA has instituted in his practice, and
• An ascertainment on compliance with prescribed professional, ethical and technical standards of public practice.

A quality control system consists of a structured plan for maintaining quality control over an accounting and auditing practice. This implies that the practitioner, whether small, medium or large, has established and is following a disciplined and systematic intellectual approach to producing good quality work. The QAR shall determine whether the quality control system is in place and is operating effectively.