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Quality Control Review

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Quality Control Review

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • May 30, 2021 at 12:50 am #622240
    gayathree1234
    Member
    • Topics: 40
    • Replies: 1
    • ☆

    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.

    May 30, 2021 at 8:58 am #622276
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6794
    • ☆☆☆☆☆

    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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