Final answer:
A CPA firm's system of quality control for engagement performance includes procedures for client acceptance, team competence, and independence but not typically financial statement preparation, which pertains to specific engagement tasks.
Step-by-step explanation:
In relation to the element of engagement performance, a CPA firm's system of quality control typically includes several components to ensure the adequacy of work performed. These elements often cover client acceptance and retention to determine whether the firm should engage with a client, the competence of the engagement team involved in the performance of the audit or review, and rigorous enforcement of independence requirements to maintain objectivity and impartiality. However, financial statement preparation is not typically a procedural aspect covered under a CPA firm's system of quality control concerning engagement performance; it is more directly related to the execution of an engagement's particular tasks rather than the overarching framework that guides quality control within the firm.