Please provide a summary of AS 1220, “Engagement Quality”

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AS 1220: Engagement quality

Engagement quality review is a component of an audit firm's overall audit process. The main objective of engagement quality review is to ensures significant judgement and conclusion by the auditors.

It is a quality control mechanism used by public accounting firms to monitor the quality of audit engagement. The quality reviewer serves as an evaluator of the performance of the partner or the whole team.

Engagement quality review concerns about the effectiveness of existing firm concurring partner review practices have led to increase partner sanctions imposed by the security and exchange commission .

In an audit the engagement quality review should evaluate (1) the significant judgement related to engagement planning. (2) Evaluate the engagement teams assessment of and audit responses to significant risks( material misstatement ) and other risks identified by engagement team. (3) Evaluate significant judgement made by engagement team (4) Review financial statements and management reports, (5) Evaluation of documents containing the financial statements to be fited with security and exchange commission etc.

ekkarill92 answered 1 year ago

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