“Engagement Team” clarified, updated as part of the suite of quality management standards released in 2020
To help users of its standards adapt to the clarified and updated definition of “engagement team”, the International Auditing and Assurance Standards Board (IAASB) has released a new fact sheet. The new fact sheet addresses the clarified definition and its possible impacts, including recognition that engagement teams may be organized in a variety of ways, including across different locations or by the activity they are performing. The fact sheet also includes a diagram that walks users through who specifically is included and excluded.
This new engagement team definition applies to the International Standards on Auditing and International Standards on Quality Management.