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2. What is the difference between GAAS (generally accepted auditing standards) and GAS (general audit standards)? 3. Identify the plural elements of QCS which could be attained by adopting the following firm's policies. a. The firm's leadership (e.g., managing partner, chief executive officer, or equivalent) mus: assume ultimate responsibility for the firm's quality control. b. Policies should communicate that the firm's work must comply with appropriate standards and that appropriate reports are issued. c. The QCS pay particular attention to the importance of providing reasonable assurance of maintaining independence. d. At least annually, the firm should obtain written confirmation of compliance with independence policies and procedures from firm personnel. c. The firm considers client's integrity, its competence to perform the engagement, and can comply with legal and ethical requirements. f. The firm should establish policies and procedures to provide reasonable assurance that it has sufficient personnel with necessary capabilities, competence, and commitment to ethical principles to (1) perform its engagements in accordance with appropriate standards and (2) enable it to issue appropriate reports, 9. Policies and procedures should address (1) engagement performance, (2) supervision responsibilities, and (3) review responsibilities. h. The fim should establish policies and procedures designed to maintain confidentiality, safe custody, integrity, accessibility, and retrievability of engagement documentation. i. Controls should include (1) clearly determining when and by whom documentation was prepared or reviewed, (2) protection of integrity of information, (3) prevention of unauthorized changes, and (4) allowing access only to those authorized. j. A firm should establish policies and procedures designed to provide it with reasonable assurance that the policies and procedures relating to the system of quality control are relevant, adequate, operating effectively, and complied within practice

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