Document ID: chunk:federal_register_of_legislation:F2023C01119:body:0:p11
Version: federal_register_of_legislation:F2023C01119
Segment Type: other
Provision Reference: 
Character Range: 30418–33904

appropriate points in time during the audit engagement, including audit documentation relating to: (Ref: Para. A90–A93)

(a)                Significant matters;[8]

(b)                Significant judgements, including those relating to difficult or contentious matters identified during the audit engagement, and the conclusions reached; and

(c)                Other matters that, in the engagement partner's professional judgement, are relevant to the engagement partner's responsibilities.

32.               On or before the date of the auditor's report, the engagement partner shall determine, through review of audit documentation and discussion with the engagement team, that sufficient appropriate audit evidence has been obtained to support the conclusions reached and for the auditor's report to be issued. (Ref: Para. A90–A94)

33.               Prior to dating the auditor's report, the engagement partner shall review the financial report and the auditor's report, including, if applicable, the description of the key audit matters[9] and related audit documentation, to determine that the report to be issued will be appropriate in the circumstances.[10]

34.               The engagement partner shall review, prior to their issuance, formal written communications to management, those charged with governance or regulatory authorities. (Ref: Para. A98)

Consultation

35.               The engagement partner shall: (Ref: Para. A99–A102)

(a)                Take responsibility for the engagement team undertaking consultation on:

(i)                 Difficult or contentious matters and matters on which the firm's policies or procedures require consultation; and

(ii)               Other matters that, in the engagement partner's professional judgement, require consultation;

(b)                Determine that members of the engagement team have undertaken appropriate consultation during the audit engagement, both within the engagement team, and between the engagement team and others at the appropriate level within or outside the firm;

(c)                Determine that the nature and scope of, and conclusions resulting from, such consultations are agreed with the party consulted; and

(d)                Determine that conclusions agreed have been implemented.

Engagement Quality Review

36.               For audit engagements for which an engagement quality review is required, the engagement partner shall: (Ref: Para. A103)

(a)                Determine that an engagement quality reviewer has been appointed;

(b)                Cooperate with the engagement quality reviewer and inform other members of the engagement team of their responsibility to do so;

(c)                Discuss significant matters and significant judgements arising during the audit engagement, including those identified during the engagement quality review, with the engagement quality reviewer; and

(d)                Not date the auditor's report until the completion of the engagement quality review. (Ref: Para. A104–A106)

Differences of Opinion

37.               If differences of opinion arise within the engagement team, or between the engagement team and the engagement quality reviewer or individuals performing activities within the firm's system of quality management, including those who provide consultation, the engagement team shall follow the firm's policies or procedures for dealing with and resolving such differences of opinion. (Ref: Para. A107–A108)