The engagement quality control reviewer shall document, for the audit engagement reviewed, that:Select one:a.The engagement quality control review has been completed on or before the date of the auditor's report; andb.All of these must be documentedc.The procedures required by the firm's policies on engagement quality control review have been performed;d.The reviewer is not aware of any unresolved matters that would cause the reviewer to believe that the significant judgments the engagement team made and the conclusions they reached were not appropriate.
Question
The engagement quality control reviewer shall document, for the audit engagement reviewed, that:Select one:a.The engagement quality control review has been completed on or before the date of the auditor's report; andb.All of these must be documentedc.The procedures required by the firm's policies on engagement quality control review have been performed;d.The reviewer is not aware of any unresolved matters that would cause the reviewer to believe that the significant judgments the engagement team made and the conclusions they reached were not appropriate.
Solution
The engagement quality control reviewer shall document, for the audit engagement reviewed, that:
a. The engagement quality control review has been completed on or before the date of the auditor's report; and b. All of these must be documented c. The procedures required by the firm's policies on engagement quality control review have been performed; d. The reviewer is not aware of any unresolved matters that would cause the reviewer to believe that the significant judgments the engagement team made and the conclusions they reached were not appropriate.
To answer the question step by step:
Step 1: The engagement quality control reviewer should ensure that the engagement quality control review is completed on or before the date of the auditor's report.
Step 2: The reviewer must document that the engagement quality control review has been completed within the specified timeframe.
Step 3: The reviewer should also document that the procedures required by the firm's policies on engagement quality control review have been performed. This includes following the established guidelines and protocols for conducting the review.
Step 4: The reviewer needs to confirm that there are no unresolved matters that would lead them to believe that the significant judgments made by the engagement team and the conclusions they reached were not appropriate.
Step 5: All of the above steps must be documented by the engagement quality control reviewer for the audit engagement reviewed.
Similar Questions
For audits of financial statements of listed entities, and those other audit engagements, if any, for which the firm has determined that an engagement quality control review is required, the engagement partner shall:Select one:a.Discuss significant matters arising during the audit engagement, including those identified during the engagement quality control review, with the engagement quality control reviewer.b.Not date the auditor's report until the completion of the engagement quality control review.c.Discuss significant matters arising during the audit engagement, but not including those identified during the engagement quality control review, with the engagement quality control reviewerd.Determine that an engagement quality control reviewer has been appointed.
For audits of financial statements of listed entities, the engagement quality control reviewer, on performing an engagement quality control review, shall also consider the following:Select one:a.The engagement team's evaluation of the firm's independence in relation to the audit engagement.b.Whether audit documentation selected for review reflects the work performed in relation to the significant judgments made and supports the conclusions reached.c.Whether appropriate consultation has taken place on matters involving differences of opinion or other difficult or contentious matters, and the conclusions arising from those consultations.d.Evaluation of the conclusions reached in formulating the auditor's report and consideration of whether the proposed auditor's report is appropriate
Which of the following statements is correct? An engagement quality control review for a financial statemment audit: a.Is performed regularly by senior audit team members throughout the audit. b.Must be performed by someone who is not on the audit team. c.Is required by Australian Accounting Standards. d.Must be performed by the audit client's audit committee. e.Must be performed by this audit's engagement partner.
The audit report is signed by the engagement partner.Group of answer choicesTrueFalse
The engagement partner and other key members of the engagement team shall be involved in planning the audit, including planning and participating in the discussion among engagement team members.Select one:TrueFalse
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