7 Things to Know About Engagement Quality Reviews

1. The engagement quality reviewer must be objective, be competent and have authority. Also, make sure to give them time to complete the review.
2. The engagement quality control reviewer begins by reading about the audit, the auditee and talking to the audit director (and maybe the audit team) about significant judgments and conclusions made.
3. Then they review audit documentation that supports significant judgments and makes sure the team has support for its conclusions.
4. Next, the engagement quality reviewer evaluates whether the partner or director has been sufficiently involved in the audit to ensure appropriate conclusions.
5. And finally, they review the audit report or the financials as appropriate for the engagement type.
6. The engagement director is precluded from issuing the audit report until the engagement quality control review is complete!
7. Reviewer must document the date of the review and the names of the reviewers, as well as describe the procedures performed. The reviewer must also confirm appropriate parties were notified the review is finished.

Want to learn more?

Want to dig into the new changes with a certifiable Yellow Book nerd? Then join Leita on June 25 for the two-hour webinar GAGAS 2024: The New Quality Management System. She will guide you through what you need to know to pass that next peer review.  As a bonus, receive Leita’s Excel spreadsheet that walks you through a GAGAS compliant quality management system including risk assessment.