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As a result of the evaluation of the design and operation of
your firm’s system of quality control matters may arise which warrant further
consideration in the evaluation of a firm’s system of quality control. A matter
is documented on a Matter for Further Consideration (MFC) form.
A finding is one
or more related matters that result from a condition in the reviewed firm’s
system of quality control or lack of compliance with that system such that
there is more than a remote possibility that the firm may not perform or report
in conformity with professional standards.
A finding is documented on a Finding for Further Consideration (FFC)
form. If no finding(s), individually or
collectively, rise to the level of deficiency or significant deficiency, a
report rating of pass is appropriate.
A deficiency is
one or more findings that, due to the nature, causes, pattern or pervasiveness,
could create a situation where the firm would not have reasonable assurance of
performing and reporting in conformity with applicable professional standards
in all material respects. Deficiencies
are communicated in a report with a peer rating of pass with deficiencies.
A significant deficiency
is one or more deficiencies resulting from a condition in the reviewed firm’s
system of quality control that does not provide the reviewed firm with
reasonable assurance of performing or reporting in conformity with professional
standards in all material respects. Such
deficiencies are communicated in a report with a peer rating of fail.
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