Independent auditors play a crucial role in enhancing the credibility of financial information on which many market decisions are taken. In recent years, increased uncertainties in financial markets and spectacular corporate failures in the United States and other parts of the world sparked a series of regulatory interventions. The perceived loss of confidence brought adverse publicity to the entire accountancy profession.

In February 2004 the International Auditing and Assurance Board (IAASB), of the International Federation of Accountants (IFAC) approved two standards.

• The International Standard on Quality Control (ISQC 1): Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements
• The International Standard on Auditing – ISA 220(Revised): Quality Control for Audit Engagements (Revised).

Due to the onerous requirements of these two standards, Moore Stephens Progress Technology have developed a fully automated quality assurance system to assist firms in meeting their quality assurance obligations. The quality assurance system is mapped to APES 320 Quality Control for Firms, as well as local corporate legislation.