 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. 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 that