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There are two types of QCR
1. Engagement QCR
2. Independent QCR
Can you please explain the difference between these twoI have a vague idea that 1st is the Cold review which is performed by some other audit partner in the audit firm who is not on the audit team. And 2nd is done by external auditor (outside of firm) as a safeguard against any threat like Non audit services to listed client. I am right?
Thanks
Please note that our FREE notes are downloadable and searchable – search EQCR and you will find starting on page 48 that EQCR is performed by someone independent of the audit (usually another audit partner in the firm) and is necessarily “hot”. It is also a requirement for a public interest entity.
I would call your 2. simply “independent review” to not confuse it.
You could also used search function on this site to find similar posts.
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