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Quality Control Is Job One: Two New Standards Drive the Point Home

In its 1999 strategic plan, the Canadian Institute of Chartered Accountants (CICA) concluded that firms in public practice need to display transparency and accountability to the marketplace. While chartered accountants had always prided themselves on the quality of their work, the marketplace began asking firms to demonstrate, explicitly, that this level of quality existed. It was a task that proved-and continues to prove-challenging, because while most firms do have quality control systems in place, these systems are seldom fully documented.

The significant business failures that occurred shortly after 1999 have obviously had an enormous impact on the business community. At an ...

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