Engagement Quality Reviews - ISQM 2
The objective of this project were to enhance the requirements and application material in relation to the firm’s engagement quality reviews (EQRs), including:
- setting more robust criteria for firms to apply when determining which engagements should be subject to an EQR;
- establishing the objective of an EQR;
- clarifying the nature, timing and extent of the EQR; and
- enhancing the requirements for the eligibility of the individuals who perform the review.
In doing so, consideration was also given to maintaining the appropriate balance between the respective roles and responsibilities of the engagement quality reviewer and the engagement partner who retains overall responsibility for the engagement.
SMP Information Gathering Survey Staff Audit Practice Alert - Responsibilities of the Engagement Partner in Circumstances when the Engagement Partner Is Not Located Where the Majority of the Audit Work is Performed Invitation to Comment, Enhancing Audit Quality in the Public Interest
The IAASB commenced its initial information gathering on the topic of quality control in June 2014 with a Working Group being formed in October 2014. The issues identified and discussed at the IAASB meetings are part of the Invitation to Comment on Enhancing Audit Quality in the Public Interest which was issued in December 2015. The Working Group will use the comments received on the Invitation to Comment as a basis for the project proposal which is scheduled to be discussed in December 2016.**
** Together with the ISA 600-Group Audits and Professional Skepticism project, this project is part of the Audit Quality Enhancements Coordination Group (AQECG). The AQECG intends to coordinate the various inputs to the invitation to comment developed at the individual working group level, and take a holistic approach as to how the matters are presented in one invitation to comment.
- IAASB Webcast: Proposed Changes to International Standard on Quality Control
- IAASB Webcast: Discussion on Three Quality Management Exposure Drafts