Document ID: chunk:federal_register_of_legislation:F2023C01116:body:0:p5
Version: federal_register_of_legislation:F2023C01116
Segment Type: other
Provision Reference: 
Character Range: 12286–15491

7.                   As explained in ASQM 1,[5] the public interest is served by the consistent performance of quality engagements. Quality engagements are achieved through planning and performing engagements and reporting on them in accordance with AUASB standards and applicable legal and regulatory requirements. Achieving the objectives of those standards and complying with the requirements of applicable law or regulation involves exercising professional judgement and, when applicable to the type of engagement, exercising professional scepticism.

8.                   An engagement quality review is an objective evaluation of the significant judgements made by the engagement team and the conclusions reached thereon. The engagement quality reviewer's evaluation of significant judgements is performed in the context of AUASB standards and applicable legal and regulatory requirements. However, an engagement quality review is not intended to be an evaluation of whether the entire engagement complies with AUASB standards and applicable legal and regulatory requirements, or with the firm's policies or procedures.

9.                   The engagement quality reviewer is not a member of the engagement team. The performance of an engagement quality review does not change the responsibilities of the engagement partner for managing and achieving quality on the engagement, or for the direction and supervision of the members of the engagement team and the review of their work. The engagement quality reviewer is not required to obtain evidence to support the opinion or conclusion on the engagement, but the engagement team may obtain further evidence in responding to matters raised during the engagement quality review.

Authority of this ASQM

10.               This ASQM contains the objective for the firm in following this ASQM, and requirements designed to enable the firm and the engagement quality reviewer to meet that stated objective. In addition, this ASQM contains related guidance in the form of application and other explanatory material and introductory material that provides context relevant to a proper understanding of this ASQM, and definitions. ASQM 1[6] explains the terms objective, requirements, application and other explanatory material, introductory material, and definitions.

Effective Date

11.               [Deleted by the AUASB.  Refer Aus 0.2]

Objective

12.               The objective of the firm, through appointing an eligible engagement quality reviewer, is to perform an objective evaluation of the significant judgements made by the engagement team and the conclusions reached thereon.

Definitions

13.               For the purposes of this Auditing Standard, the following terms have the meanings attributed below:

(a)                Engagement quality review – An objective evaluation of the significant judgements made by the engagement team and the conclusions reached thereon, performed by the engagement quality reviewer and completed on or before the date of the engagement report.

(b)                Engagement quality reviewer – A partner, other individual in the firm, or an external individual, appointed by the firm to perform the