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“Listed entities and other high risk clients should be subject to an engagement quality control review (EQCR).
High risk clients include those which are in the public interest, those with unusual circumstances and risks, and those where laws or regulations require an EQCR.”
“those which are in public interest” -can you give examples of such companies sir? i am sure sir here the text isnt talking about public interest entities as listed ones. is it more in the context of government owned entities, like public utility?
An EQCR is for the audits of financial statements of listed entities (i.e. the PIEs that we have discussed in your earlier posts) AND “those other engagements, IF ANY, for which the firm has determined an EQCR is required.”
So an audit firm should have a POLICY to identify “those other engagements”. They could indeed be state-owned or managed entities (but that doesn’t make them a PIE).
ya ya sir i recalled from my other posts that PIE was synonymous with listed. But then i thought why would they refer to PIE and listed at the same time in the same sentence, when both mean the same thing.
but now i realised what you are trying to convey.
Thanks much for your help sir!
really really grateful to team OT and you especially 🙂
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