Document ID: chunk:federal_register_of_legislation:F2023C01119:body:0:p12
Version: federal_register_of_legislation:F2023C01119
Segment Type: other
Provision Reference: 
Character Range: 33611–37004

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)

38.               The engagement partner shall:

(a)                Take responsibility for differences of opinion being addressed and resolved in accordance with the firm's policies or procedures;

(b)                Determine that conclusions reached are documented and implemented; and

(c)                Not date the auditor's report until any differences of opinion are resolved.

Monitoring and Remediation

39.               The engagement partner shall take responsibility for: (Ref: Para. A109‒A112)

(a)                Obtaining an understanding of the information from the firm's monitoring and remediation process, as communicated by the firm including, as applicable, the information from the monitoring and remediation process of the network and across the network firms;

(b)                Determining the relevance and effect on the audit engagement of the information referred to in paragraph 39(a) and take appropriate action; and

(c)                Remaining alert throughout the audit engagement for information that may be relevant to the firm's monitoring and remediation process and communicate such information to those responsible for the process.

Taking Overall Responsibility for Managing and Achieving Quality

40.               Prior to dating the auditor's report, the engagement partner shall determine that the engagement partner has taken overall responsibility for managing and achieving quality on the audit engagement. In doing so, the engagement partner shall determine that: (Ref: Para. A113–A116)

(a)                The engagement partner's involvement has been sufficient and appropriate throughout the audit engagement such that the engagement partner has the basis for determining that the significant judgements made and the conclusions reached are appropriate given the nature and circumstances of the engagement; and

(b)                The nature and circumstances of the audit engagement, any changes thereto, and the firm's related policies or procedures have been taken into account in complying with the requirements of this ASA.

Documentation

41.               In applying ASA 230,[11] the auditor shall include in the audit documentation: (Ref: Para. A117–A120)

(a)                Matters identified, relevant discussions with personnel, and conclusions reached with respect to:

(i)                 Fulfillment of responsibilities relating to relevant ethical requirements, including those related to independence.

(ii)               The acceptance and continuance of the client relationship and audit engagement.

(b)                The nature and scope of, and conclusions resulting from, consultations undertaken during the audit engagement and how such conclusions were implemented.

(c)                If the audit engagement is subject to an engagement quality review, that the engagement quality review has been completed on or before the date of the auditor's report.

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Application and Other Explanatory Material

Scope of this ASA (Ref: Para. 1)

A1.             This ASA applies to all audits of  a financial report