A system of quality is important for all firms. Adherence to quality control standards ensures consistency among clients and that services are provided in compliance with the standards of the profession. This benefits both the public and firms.
There are three key stakeholders involved when providing services: the client, the public and the firm (CPA or group of CPAs). The stakeholder that often receives the least attention is the public mostly because the public tends to not raise concerns until something happens and they lose money unexpectedly. When this occurs, they will likely sue the practitioner for the financial loss and file a complaint with CPA Saskatchewan.
The success or failure of a firm depends on an appropriate and effective system of quality to guide the firm in providing quality services that meet the needs of clients.
In addition to meeting the public's needs, good quality control procedures also impact other aspects of a professional practice. An appropriate and effective system of quality will lead to:
- Satisfied clients. This, in turn, could lead to increased fees because satisfied clients would request additional services and refer their friends and business associates to the firm.
- Doing well in your practice inspection and, if files are properly organized, the practice inspection could be completed in less time which results in a lesser cost to the firm.
- Completion of work more efficiently, at a reduced cost, which results in improved profitability of operations.
- Enhanced professional reputation within the profession and in the business community.
To maintain quality, firms are subject to the following ongoing responsibilities.