What is Engagement quality review?
In short
An engagement quality review is an objective evaluation of the significant judgments made by an engagement team, performed by a qualified reviewer who is not part of the team, before the report is released.
Key takeaways
- It is required when law or regulation requires it, or when the firm decides it is needed to respond to quality risks.
- A former engagement partner must wait two years (a cooling-off period) before acting as reviewer on that engagement.
- The report can't be released until the reviewer has completed the review.
Where it's tested
AUD: Engagement Acceptance & Quality Management — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Under SQMS No. 1, a firm's system of quality management is built around: