Document ID: chunk:federal_register_of_legislation:F2023C01116:body:0:p9
Version: federal_register_of_legislation:F2023C01116
Segment Type: other
Provision Reference: 
Character Range: 24306–27698

financial reports and the auditor's report thereon, including, if applicable, the description of the key audit matters; (Ref: Para. A47)

(ii)               For review engagements, the financial report or financial information and the engagement report thereon; or (Ref: Para. A47)

(iii)             For other assurance and related services engagements, the engagement report, and when applicable, the subject matter information. (Ref: Para. A48)

26.               The engagement quality reviewer shall notify the engagement partner if the engagement quality reviewer has concerns that the significant judgements made by the engagement team, or the conclusions reached thereon, are not appropriate. If such concerns are not resolved to the engagement quality reviewer's satisfaction, the engagement quality reviewer shall notify an appropriate individual(s) in the firm that the engagement quality review cannot be completed. (Ref: Para. A49)

Completion of the Engagement Quality Review

27.               The engagement quality reviewer shall determine whether the requirements in this ASQM with respect to the performance of the engagement quality review have been fulfilled, and whether the engagement quality review is complete. If so, the engagement quality reviewer shall notify the engagement partner that the engagement quality review is complete.

Documentation

28.               The firm shall establish policies or procedures that require the engagement quality reviewer to take responsibility for documentation of the engagement quality review. (Ref: Para. A50)

29.               The firm shall establish policies or procedures that require documentation of the engagement quality review in accordance with paragraph 30, and that such documentation be included with the engagement documentation.

30.               The engagement quality reviewer shall determine that the documentation of the engagement quality review is sufficient to enable an experienced practitioner, having no previous connection with the engagement, to understand the nature, timing and extent of the procedures performed by the engagement quality reviewer and, when applicable, individuals who assisted the reviewer, and the conclusions reached in performing the review. The engagement quality reviewer also shall determine that the documentation of the engagement quality review includes: (Ref: Para. A51–A53)

(a)                The names of the engagement quality reviewer and individuals who assisted with the engagement quality review;

(b)                An identification of the engagement documentation reviewed;

(c)                The basis for the engagement quality reviewer's determination in accordance with paragraph 27;

(d)                The notifications required in accordance with paragraphs 26 and 27; and

(e)                The date of completion of the engagement quality review.

* * *

Application and Other Explanatory Material

Appointment and Eligibility of Engagement Quality Reviewers

Assignment of Responsibility for the Appointment of Engagement Quality Reviewers (Ref: Para. 17)

A1.             Competence and capabilities that are relevant to an individual's ability to fulfill responsibility for the appointment of the engagement quality reviewer may include appropriate knowledge about:

           * The responsibilities of an engagement quality reviewer;