Document ID: chunk:federal_register_of_legislation:F2023C01116:body:0:p21
Version: federal_register_of_legislation:F2023C01116
Segment Type: other
Provision Reference: 
Character Range: 59076–61661

of engagement documentation electronically in the IT application for the performance of the engagement. Alternatively, the engagement quality reviewer may document the review through means of a memorandum. The engagement quality reviewer's procedures may also be documented in other ways, for example, in the minutes of the engagement team's discussions where the engagement quality reviewer was present.

A53.         Paragraph 24(b) requires that the firm's policies or procedures preclude the engagement partner from dating the engagement report until the completion of the engagement quality review, which includes resolving matters raised by the engagement quality reviewer. Provided that all requirements with respect to the performance of the engagement quality review have been fulfilled, the documentation of the review may be finalised after the date of the engagement report, but before the assembly of the final engagement file. However, firm policies or procedures may specify that the documentation of the engagement quality review needs to be finalised on or before the date of the engagement report.

[1]  See Australian Standard on Quality Management (ASQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, paragraph 34(f).
[*]  See ASA 102 Compliance with Ethical Requirements when Performing Audits, Reviews and Other Assurance Engagements.
[2]  See ASQM 1, paragraph 34(f).
[3]  See ASQM 1, paragraph 26.
[4]  See ASQM 1, paragraph 14.
[5]  See ASQM 1, paragraph 15.
[6]  See ASQM 1, paragraphs 12 and A6–A9.
[7]  See ASQM 1, paragraph A88.
[8]  See ASQM 1, paragraph A134.
[9]  See Australian Standard on Auditing (ASA) 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information, paragraph 36.
[10]  See Australian Standard on Assurance Engagements (ASAE) 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information, paragraph 36.
[11]  See ASQM 1, paragraph A49.
[12]  See ASA 220, paragraph 31.
[13]  See ASA 230 Audit Documentation, paragraph 8(c).
[14]  See ASA 220, paragraph A92.
[15]  See ASA 220, paragraphs A34-A36.
[16]  See ASA 315 Identifying and Assessing the Risks of Material Misstatement, paragraph A238.
[17]  See ASA 540 Auditing Accounting Estimates and Related Disclosures, paragraph A11.
[18]  See ASA 220, paragraph 21.
[19]  See ASQM 1, paragraphs 31(d), 31(e) and A79-A82.
[20]  See ASA 220, paragraph 40(a).
[21]  See ASA 220, paragraph A118.