Best answer: Which of the following is one of the four key attributes that an engagement quality reviewer must possess?

What is an engagement quality review?

The objective of the engagement quality reviewer is to perform an evaluation of 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, in order to determine whether …

What are the qualifications of engagement quality control reviewers?

Qualifications of an Engagement Quality Reviewer

  • Competence. …
  • Independence , Integrity, and Objectivity. …
  • Engagement Quality Review Process. …
  • Evaluation of Engagement Documentation. …
  • Concurring Approval of Issuance. …
  • Engagement Quality Review Process. …
  • Evaluation of Engagement Documentation. …
  • Concurring Approval of Issuance.

What does engagement quality control review mean?

(b) Engagement quality control review – A process designed to provide an objective evaluation, on or before the date of the auditor’s report, of the significant judgments the engagement team made and the conclusions it reached in formulating the auditor’s report.

What are the elements of a system of quality control?

The quality control policies and procedures applicable to a firm’s accounting and auditing practice should encompass the following elements:

  • Independence, Integrity, and Objectivity.
  • Personnel Management.
  • Acceptance and Continuance of Clients and Engagements.
  • Engagement Performance.
  • Monitoring.
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What should documentation of an engagement quality review include?

Review the documentation, including conclusions, of such consultations. Based on the procedures required by this standard, evaluate whether appropriate matters have been communicated, or identified for communication, to the audit committee, management, and other parties, such as regulatory bodies.

Who is qualified to perform an engagement quality review?

3. The engagement quality reviewer must be an associated person of a registered public accounting firm. An engagement quality reviewer from the firm that issues the engagement report (or communicates an engagement conclusion, if no report is issued) must be a partner or another individual in an equivalent position.

What is the meaning of audit engagement?

An audit engagement is an agreement between a client and an independent third-party auditor to perform an audit of some element of the client’s business, such as accounting records, financial statements, internal controls, regulatory compliance, information systems, operational processes, etc.

What is engagement quality control?

Overview. Engagement quality control reviews are an objective evaluation of significant matters, including identified risks and significant judgments made by the engagement team, and the team’s conclusions reached in formulating the engagement report.

What is review engagement financial statements?

What is a review? A review engagement is conducted to provide limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with the financial reporting framework. A review differs significantly from an audit.

Who is the engagement partner?

Paragraph 7(a) of ISA 220 defines the engagement partner as “the partner or other person in 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 …

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