902.6 Evaluating Firm Competence, Capabilities, and Resources
The next component considered when deciding whether to accept or
continue an engagement requires policies and procedures that guide the
firm to determine whether it has personnel who possess the competence
and capabilities, along with scheduling availability to provide the
desired services. SQCS No. 8 (QC 10.A11) offers the following matters to consider:
• Do firm members have, or are they able to acquire, the requisite industry or subject matter knowledge?
• Do firm members have, or are they able to acquire, the requisite experience with regulatory or reporting requirements?
• Are there sufficient competent and capable firm personnel available to staff the engagement?
• If specialists are needed, are they available?
• For applicable engagements, are there individuals qualified to perform an engagement quality control review?
• Can the firm meet the reporting deadline required by the engagement?