Our quality control program encompasses a tier review approach whereby audit documentation is reviewed and is required to meet certain quality standards before being subjected to the next level of review. This approach involves several independent and thorough reviews by experienced auditors who are well versed in auditing requirements and reporting standards set by our profession.
Our system of quality control for our accounting and auditing practice is subject to the following reviews:
- As a member of the American Institute of Certified Public Accountants Center for Public Company Audit Firms, Morris Davis Chan & Tan LLP undergoes a triennial review from an external public accounting firm. Our latest unmodified report can be found at http://aicpa.org/
- As a registered public accounting firm with the Public Company Accounting Oversight Board (PCAOB), Morris Davis Chan & Tan LLP is subject to at least triennial inspection from the PCAOB. Our latest unmodified inspection report can be found at http://www.pcaobus.org/
- Department of Labor conducts periodic reviews of our employee benefit plan audit practice. There was no deficiency noted in the most recent review conducted in June 2009.
Morris Davis Chan & Tan LLP conducts an annual internal inspection program that assesses the quality of our audit work. The objective of the annual quality review program is to evaluate the design and operating effectiveness of the firm’s quality control policies and procedures for our accounting and auditing practice. The annual quality review program also aids our efforts to continually identify areas where we can improve our performance or enhance our policies and procedures.