Document ID: chunk:federal_register_of_legislation:F2021C01259:reg:11:p13
Version: federal_register_of_legislation:F2021C01259
Segment Type: reg
Provision Reference: reg 11 (pt 13/16)
Character Range: 44048–47118

other members of the engagement team.

           * Evaluating the adequacy of that member's work including the relevance and reasonableness of that member's findings or conclusions and their consistency with other audit evidence.

Consultation (Ref: Para. 18)

A22.         Effective consultation on significant technical, ethical, and other matters within the firm or, where applicable, outside the firm can be achieved when those consulted:

           * Are given all the relevant facts that will enable them to provide informed advice; and

           * Have appropriate knowledge, seniority and experience.

A23.         It may be appropriate for the engagement team to consult outside the firm, for example, where the firm lacks appropriate internal resources.  They may take advantage of advisory services provided by other firms, professional and regulatory bodies, or commercial organisations that provide relevant quality control services.

Engagement Quality Control Review

Completion of the Engagement Quality Control Review before Dating of the Auditor's Report (Ref: Para. 19(c))

A24.         ASA 700 requires the auditor's report to be dated no earlier than the date on which the auditor has obtained sufficient appropriate evidence on which to base the auditor's opinion on the financial report.[11]  In the case of an audit of a financial report of a listed entity or when an engagement meets the criteria for an engagement quality control review, such a review assists the auditor in determining whether sufficient appropriate evidence has been obtained.

A25.         Conducting the engagement quality control review in a timely manner at appropriate stages during the engagement allows significant matters to be promptly resolved to the engagement quality control reviewer's satisfaction on or before the date of the auditor's report.

A26.         Completion of the engagement quality control review means the completion by the engagement quality control reviewer of the requirements in paragraphs 20‑Aus 21.1, and where applicable, compliance with paragraph 22.  Documentation of the engagement quality control review may be completed after the date of the auditor's report as part of the assembly of the final audit file.  ASA 230 establishes requirements and provides guidance in this regard.[12]

Nature, Extent and Timing of Engagement Quality Control Review (Ref: Para. 20)

A27.         Remaining alert for changes in circumstances allows the engagement partner to identify situations in which an engagement quality control review is necessary, even though at the start of the engagement, such a review was not required.

A28.         The extent of the engagement quality control review may depend, among other things, on the complexity of the audit engagement, whether the entity is a listed entity, and the risk that the auditor's report might not be appropriate in the circumstances.  The performance of an engagement quality control review does not reduce the responsibilities of the engagement partner for the audit engagement and its