 In this presentation, we will discuss quality control standards as they apply to a CPA firm, a public accounting firm that performs attestation or audit engagements. Quality control standards. First, a word from our sponsor. Well, actually, these are just items that we picked from the YouTube shopping affiliate program. But that's actually good for you. Because these aren't things that were just given to us from some large corporation, which we don't even use in exchange for us selling them to you. These are things that we actually researched, purchased, and used ourselves. Acer 27 inch monitor. I've been using an Acer monitor as my primary monitor for a few years now. This is the first Acer monitor that I have used after having used a series of different brands of monitors in the past. The Acer monitor has been performing well, and I'm trusting the Acer brand more and more as I use the monitor. I have a 27 inch monitor, which I think is ideal for what I do, which is, of course, the screen recording and the editing. If you would like a commercial free experience, consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com, where we have many different courses. You can purchase one at a time or have a subscription model given you access to all the courses, courses which are well organized, have other resources like Excel files and PDF files to download and no commercials. CPA firms are required to implement policies and procedures to monitor the firm's practices and make sure that professional standards are being followed. The PCAOB assumed the AICPA's responsibilities for firms that audit public companies and instituted a mandatory quality inspection program for those firms. So, in other words, the AICPA was involved with the quality control. Then the PCAOB came into place and assumed that responsibility for the public companies, those that are going to be publicly traded, and then they have the mandatory quality inspection program related to those firms that are auditing public companies. The AICPA still administers a quality review system to allow firms to meet their state licensing, federal regulatory and AICPA membership requirements and to help firms that audit privately held clients only. So, the AICPA then still holds a role in these areas, although the PCAOB has now taken over responsibility for some of the activities with regards to publicly traded companies. The AICPA also holds that role in that they help the other types of CPA firms that may not have clients that are publicly traded, which, again, there's going to be a lot of CPA firms that may be involved and may be in audit processes for types of clients that are not publicly traded. They may need to audit for some other type of reason and they would look to the AICPA. Elements of quality control include leadership. Obviously, the leadership is going to set the tone, relevant ethical requirements, acceptance and continuance of relationship, human resources, engagement performance and monitoring. The PCAOB inspections of registered public accounting firms. Regular inspections of public accounting firms that are required to register with the board are conducted by the PCAOB.