Guide to Using International Standards on Auditing in - IFAC

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<strong>Guide</strong> <strong>to</strong> <strong>Using</strong> <strong>International</strong> <strong>Standards</strong> on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts
Exhibit 4.4-2
4.5 Information Systems
Most firms have well-developed information systems for keeping track of clients, time and billing,
expenditures, staff, and engagement file management. However, information systems that track the quality of
work produced and compliance with the firm’s quality control manual are often not as well developed.
Information systems should also be designed <strong>to</strong> address the risks identified and assessed as part of the firm’s
risk assessment process.
Aspects of quality control that merit documentation and ongoing review include keeping track of the matters
set out in the following exhibit.