Take responsibility for the engagement team

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Accounting Information Systems
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Chapter 11 / Exercise SP11-3
Accounting Information Systems
Dull/Gelinas
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Take responsibility for the engagement team undertaking appropriate consultation on difficult or contentious matters; (b) Be satisfied that members of the engagement team have undertaken appropriate consultation during the course of the engagement, both within the engagement team and between the engagement team and others at the appropriate level within or outside the firm; (c) Be satisfied that the nature and scope of, and conclusions resulting from, such consultations are agreed with the party consulted; and (d) Determine that conclusions resulting from such consultations have been implemented. (Ref: Para. A21-A22) 220.19 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: (a) Determine that an engagement quality control reviewer has been appointed; (b) Discuss significant matters arising during the audit engagement, including those identified during the engagement quality control review, with the engagement quality control reviewer; and (c) Not date the auditor’s report until the completion of the engagement quality control review. (Ref: Para. A23-A25) 220.20 The engagement quality control reviewer shall perform an objective evaluation of the significant judgments made by the engagement team, and the conclusions reached in formulating the auditor’s report. This evaluation shall involve: (a) Discussion of significant matters with the engagement partner; (b) Review of the financial statements and the proposed auditor’s report; (c) Review of selected audit documentation relating to the significant judgments the engagement team made and the conclusions it reached; and (d) Evaluation of the conclusions reached in formulating the auditor’s report and consideration of whether the proposed auditor’s report is appropriate. (Ref: Para. A26-A27, A29-A31)
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Accounting Information Systems
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Chapter 11 / Exercise SP11-3
Accounting Information Systems
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Guide to Using International Standards on Auditing in the Audits of Small- and Medium-Sized Entities Volume 2 —Practical Guidance 271 21.1 Overview After the planned audit procedures have been performed, an evaluation of the results will take place. This would include a review of the audit documentation and discussions with the engagement team, and any changes to the audit plans as a result of the procedures performed. Some of the key considerations are set out below. Exhibit 21.1-1 Quality Control It is the responsibility of the engagement partner to ensure that the file reviews are being performed in accordance with the firm’s review policies and procedures, and that the auditor’s opinion is appropriate. Consultation The engagement partner is responsible to ensure that: The engagement team sought appropriate consultation (both internally within the firm and externally with third parties) on difficult or contentious matters; and Conclusions resulting from such consultations have been documented and implemented.

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