MVC maintaining quality control is the objective of the quality control and policies to be adopted by MVC shall ordinarily incorporate the following:
(a) Professional Requirements: Personnel in the firm are to adhere to the principles of Independence, Integrity, Objectivity, Confidentiality and Professional Behaviour .
(b) Skills and Competence: The firm is to be staffed by personnel who have attained and maintained the Technical Standards and Professional Competence required to enable them to fulfill their responsibilities with Due Care.
(c) Assignment: Audit work is to be assigned to personnel who have the degree of technical training and proficiency required in the circumstances.
(d) Delegation: There is to be sufficient direction, supervision and review of work at all levels to provide reasonable assurance that the work performed meets appropriate standards of quality.
(e) Consultation: Whenever necessary, consultation within or outside the firm is to occur with those who have appropriate expertise.
(f) Acceptance and Retention of Clients: An evaluation of prospective clients and a review, on an ongoing basis, of existing clients is to be conducted. In making a decision to accept or retain a client, the firm’s independence and ability to serve the client properly are to be considered.
(g) Monitoring: The continued adequacy and operational effectiveness of quality control policies and procedures is to be monitored.