An account does not include: 1  Products or services for which a formal banking relationship is not established with a person, such as check cashing, funds transfer, or the sale of a check or money order.  Any account that the bank acquires.
A quality audit is a process by which you review and evaluate an element of your business to ensure that you're meeting certain standards. The standards varyâyou can set them or you can follow standards set by your industry.
Standards and Ethics Standards set the requirements and processes for the audit engagement and the firmâs quality control system. Following the audit and quality control standards, while adhering to the Code of Professional Conduct, would result in a quality audit.