Document ID: chunk:federal_register_of_legislation:F2023C01116:body:0:p2
Version: federal_register_of_legislation:F2023C01116
Segment Type: other
Provision Reference: 
Character Range: 3155–6958

Scope of this Auditing Standard.................................................1-4

The Firm's System of Quality Management and Role of Engagement Quality Reviews.........5-9

Authority of this ASQM.......................................................10

Effective Date..............................................................11

Objective.................................................................12

Definitions.............................................................13-Aus 13.1

Requirements

Applying, and Complying with, Relevant Requirements..............................14-16

Appointment and Eligibility of Engagement Quality Reviewers........................17-23

Performance of the Engagement Quality Review...................................24-27

Documentation...........................................................28-30

Application and Other Explanatory Material

Appointment and Eligibility of Engagement Quality Reviewers.......................A1-A24

Performance of the Engagement Quality Review................................A25-A49

Documentation.........................................................A50-A53

COMPILATION DETAILS

Auditing Standard ASQM 2 Engagement Quality Reviews (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 6 March 2023 by the Auditing and Assurance Standards Board (AUASB).

This compilation is not a separate Auditing Standard made by the AUASB.  Instead, it is a representation of ASQM 2 (March 2021) as amended by another Auditing Standard which is listed in the Table below.

Table of Standards
Standard        Date made        Operative Date
ASQM 2 [A]      10 March 2021    financial reporting periods commencing on or after 15 December 2022
ASA 2022-1 [B]   27 April 2022   financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASQM 2      F2021L00416          6 April 2021       7 April 2021

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments
Paragraph affected  How affected  By … [paragraph]
A32                 Amended       ASA 2022-1 [11]

AUTHORITY STATEMENT

 Auditing Standard ASQM 2 Engagement Quality Reviews (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A53.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.

Conformity with International Standards on Quality Management

This Auditing Standard conforms with International Standard on Quality Management ISQM 2 Engagement Quality Reviews issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to, or amended from this Auditing Standard (and do not appear / appear differently in/from the text of the equivalent ISQM 2) are identified with the prefix "Aus".

The following introductory paragraphs and definitions are additional to or have been amended from  ISQM 2:
Paragraph  Summary of Change
Aus 2.1    Replaces ISQM 2 introductory paragraph 2, to introduce ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
Aus 2.2    Additional to ISQM 1 to serve as a reminder that it is the responsibility of the firm to ensure compliance with all relevant legal, regulatory or professional obligations.
Aus 13.1   Replaces ISQM 2 paragraph 13(c) definition of 'Relevant ethical requirements'. Relevant ethical requirements are defined in ASA 102 Compliance with Ethical Requirements