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Hi sir,
Generally the firm’s audit partner will review the work done before issuing the audit report. If a company engaged quality control reviewer, will the audit partner have to review the work as well?Or else is all the reviewing work is done only by the quality control reviewer?
Thank you.
Te answer is in our notes, starting on page 48:
” Public interest audits … an independent reviewer …. an objective evaluation of the significant judgments made by the engagement team, and the conclusions reached in formulating the auditor’s report.”The conclusions in the [draft] auditor’s report will include the audit opinion – which is the responsibility of the audit engagement partner – so the audit engagement partner must have done all necessary work at that stage.
The EQCR is an ADDITIONAL review (see details on page 49 of the notes) for listed entities (and others if it is the audit firm’s policy to conduct such reviews on other clients).
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