The Institute of Chartered Accountants in Australia has called for tenders for a practical quality control manual for smaller accounting practices. 
 
The manual will be based on the soon-to-be released APS 5: Quality Control for Accounting Firms. This joint professional standard was revised following changes to the International Standard on Quality Control 1 (ISQC 1), which requires all firms to document quality control policies and procedures and communicate them to personnel, and that more comprehensive policies and procedures for the assurance part of the practice must be implemented. 
 
While the Institute believes the amendments are a change in structure rather than a change in context it is aware that some practices, particularly smaller firms, may need to review and document their quality control procedures. 
 
‘We understand that most larger firms already have comprehensive quality control systems and are unlikely to be significantly affected by the new standard,’ Bill Palmer, the Institute’s General Manager of Professional Standards said. 
 
‘To ensure smaller firms are not disadvantaged, this manual will be made available to all Chartered Accountants. Larger firms are encouraged to participate in the tender, adapting their systems to a smaller practice.’ 
 
The Institute expects the manual to be ready for distribution to members at the end of the calendar year. 
 
Firms interested in the tender can access the tender document online. The closing date for tenders is Friday 29 July. 
 
For more information:

• Institute’s quality control tender document 
  Draft revised APS 5 (PDF 168KB)

• International Standard on Quality Control 1 (ISQC 1) (PDF 176KB)  
  
• Joint submission on ISQC 1 (15 September 2003) (PDF 70KB) 
  
• ISQC 1 exposure draft (August 2003)