Which of the following is a responsibility of the engagement quality control reviewer?
Project Status Project completed Show The objectives of this project were to:
The existing ISA 220 establishes basic principles and essential procedures, and provides guidance relating to quality control for both an audit firm and an individual audit engagement. It was originally envisaged that the revised ISA 220 would be similarly structured with a similar scope. However, after careful consideration, the IAASB agreed to:
The background to this project was explained in the Explanatory Memorandum to the exposure draft. IssuesSignificant issues that were addressed during the project included:
The exposure period for comments closed on August 31, 2003. In all, 39 comment letters were received. The proposed Quality Control Standards were approved at the February 2004 IAASB meeting. What is the role of engagement quality control reviewer?14. In an engagement to review interim financial information, the engagement quality reviewer should evaluate the significant judgments made by the engagement team and the related conclusions reached in forming the overall conclusion on the engagement and in preparing the engagement report, if a report is to be issued.
Who is responsible for the quality control for each engagement?CSAE 3001.37 The engagement partner shall take responsibility for the overall quality on the engagement.
Who has overall responsibility for quality on an audit engagement?(a) Engagement partner 3 – The partner or other individual, appointed by the firm, who is responsible for the audit engagement and its performance, and for the auditor's report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body.
Is the engagement quality reviewer part of engagement team?However, an engagement quality review is not intended to be an evaluation of whether the entire engagement complies with professional standards and applicable legal and regulatory requirements, or with the firm's policies or procedures. 9. The engagement quality reviewer is not a member of the engagement team.
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