Quality Management of an Individual Audit (5)

Question 1

What are the engagement quality reviews required for?

Answer 1

Audits of listed entities and any other engagements where audit firm has determined a quality review is required

Question 2

What should engagement aprtner do? (Appoint)

Answer 2

Appoint an engagement quality reviewer

Question 3

What should engagement aprtner do? (Cooperate)

Answer 3

Cooperate with the reviewer, and inform the team they should cooperate with them too

Question 4

What should engagement aprtner do? (Discuss)

Answer 4

Discuss significant matters and judgements with the reviewer

Question 5

What should engagement prtner do? (Date)

Answer 5

Only date the auditor’s report after the review

Question 6

What is the partner required by other auditing standards?

Answer 6

To hold a meeting with the audit team to dscuss the audit, in particular the risks associated with the audit

Question 7

What does ISA 220 state?

Answer 7

The direction includes “informing members of the engagement team of their responsibilities”