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AS 1220: Engagement Quality Review - Auditing Standards

AS 1220: Engagement Quality Review - Auditing Standards-2025

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The document is a Supervisor Report detailing the supervisor's involvement in various stages of an engagement with a client. It includes sections on planning, execution of assurance procedures, analysis of accounting issues, and concluding on financial statements. Each section outlines specific areas discussed, dates, and summaries of discussions related to client acceptance, risk assessment, accounting treatments, and necessary disclosures. The report also addresses professionalism by noting corrections made from previous files.

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What is the quality review of audit?

Quality Review aims to assess the quality of audit of the financial statements of a company as well as the work done by the auditors in carrying out their statutory function.

What is the engagement quality review audit?

Engagement Quality Review Process 09 In an audit engagement, the engagement quality reviewer should evaluate the significant judgments made by the engagement team and the related conclusions reached in forming the overall conclusion on the engagement and in preparing the engagement report.

What is the EQR engagement quality review?

An EQR is a process designed to provide an objective evaluation of the significant judgments made by the engagement team and the conclusions reached thereon, completed on or before the date the report is issued, in formulating the report.

What is the EQCR audit review?

The type of EQCR as envisaged by paragraph 35 is what is commonly known as a pre-issuance review. In other words, the review needs to be performed in conjunction with the performance of the audit with a prohibition on the signing of the audit report prior to completion of the pre-issuance review.

Which member of a CPA firm should perform the engagement quality review?

The engagement quality reviewer must be an associated person of a registered public accounting firm. An engagement quality reviewer from the firm that issues the engagement report (or communicates an engagement conclusion, if no report is issued) must be a partner or another individual in an equivalent position.

Which of the following require an engagement quality review prior to issuance of each audit report?

01 An engagement quality review and concurring approval of issuance are required for the following engagements conducted pursuant to the standards of the Public Company Accounting Oversight Board (PCAOB): (a) an audit engagement; (b) a review interim financial information; and (c) an attestation engagement performed

What is an engagement quality review?

Engagement quality control reviews are an objective evaluation of significant matters, including identified risks and significant judgments made by the engagement team, and the teams conclusions reached in formulating the engagement report.

What is a review engagement audit?

Summary. A review engagement is a type of engagement that provides a limited level of assurance that a companys financial statements comply with the applicable financial reporting framework. It gives users limited assurance on the accuracy or correctness of financial statements.

AS 1220: Engagement Quality Review - Auditing Standards-2025

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