Welcome to the Minnesota Association of Public Accountants
MAPA's Purpose
MAPA's purpose is to help accounting professionals attain the highest level of proficiency and integrity. We promote a spirit of professional cooperation, and provide a medium for the interchange of progressive ideas and techniques. We strive to ensure that the state's citizens have the benefit of accurate, impartial and professional services.
MAPA membership renewal packets will be mailed this spring, just after Tax Season. Watch for it, and don’t miss these money-saving opportunities!
Renew your membership by the end of May to receive a $25 discount!
Register for 3 seminars in the same transaction prior to June 1, and receive a 5% discount on registration fees, plus free registration for the December Minnesota Tax Seminar!
By Mark Babcock, CPA, MAPA Quality Review Committee
Selected Elements of the Quality Control System:
Last month the Elements of the Quality Control System were listed. This month, two elements will be explained more thoroughly:
Leadership
Objective:
Promote a quality-oriented internal culture.
Requires a firm to assign its management responsibilities so that commercial considerations do not override the quality of work performed.
Address personal performance evaluation, compensation and advancement to demonstrate the firm’s overreaching commitment to quality.
Quality Control Procedures:
Communicate firm policies and procedures to personnel;
Assign QC responsibilities to appropriate personnel;
Management assumes ultimate responsibility for system of quality control;
Also known as “Tone at the Top”.
Monitoring
Objective: Reasonable assurance that QC policies and procedures are:
Relevant;
Adequate;
Operating effectively;
Complied with in practice.
Requirements:
Ongoing evaluation of appropriateness of design and operating effectiveness;
Assign responsibility for the monitoring process to a partner;
Assign performance of the monitoring process to competent individuals;
Perform sufficiently comprehensive procedures.
Monitoring Procedures:
May be accomplished through the performance of:
Engagement quality control review;
Post-issuance review of engagement working papers, reports, and clients’ financial statements for selected engagements;
Inspection procedures.
Self-inspection:
Not prohibited.
Higher risk that noncompliance with policies and procedures will not be detected.
Monitoring - Communication
To engagement partners and others:
Deficiencies noted as a result of the monitoring process;
Recommendations for appropriate remedial action.
To all relevant personnel:
Monitoring results at least annually;
Procedures to deal appropriately with complaints and allegations
Clear channels for personnel to raise concerns without fear of reprisal;
Documentation of complaints and responses.
Monitoring - Documentation
Document evidence of the operation of each element of its system of quality control.
Form and content based on firm characteristics
Retain this documentation for a period of time sufficient to permit those performing monitoring procedures and peer review to evaluate the firm’s compliance.
Thanks to Richard CPA of Tampa, FL.
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MAPA is pleased to announce a partnership with Connection Services Network, Inc., a business providing services in Minnesota since 1998. We are now able to offer to our members a purchasing program for office supplies, paper, equipment and more that will offer deep discounts. The purchasing program brought to our Association by Connection Services Network, Inc. is through Office Depot.
Per standard by the Payment Card Industry, MAPA has met the requirements of the Payment Card Industry-Data Security Standards (PCI-DSS).
To view our compliance certificate, click here.
