Engagement Quality Reviews - ISQM 2

Objective

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.

PROJECT CONTACT

IAASB Communications

Project Stages

 

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