Engagement quality reviews (ISA 220)
Presenters : Lettie Janse van Vuuren CA(SA)
Overview
This webinar provides participants with an in-depth understanding of the importance, requirements, and practical implementation of Engagement Quality Reviews (EQRs) in accordance with ISA 220 and ISQM 2. It focuses on how EQRs contribute to audit quality by offering an objective evaluation of significant judgments and conclusions made during the audit process. The session will address the roles, responsibilities, and documentation required of Engagement Quality Reviewers, and it will also highlight recent IRBA inspection findings and practical implications for assurance practices.
Join Lettie Janse van Vuuren CA(SA) as she unpacks the critical principles, compliance requirements, and practical considerations of Engagement Quality Reviews in line with ISA 220 and ISQM 2, with reference to IRBA inspection findings and implications for audit practices.
Learning objectives
Attending this webinar will equip you with the following skills:
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Understand the definition, importance and key characteristics of Engagement Quality Reviews;
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Be aware of the requirements of ISQM 2 and the relationship to and impact of ISA 220;
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Understand the documentary requirements regarding Engagement Quality Reviews; and
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Be aware of the latest IRBA Public Inspection findings regarding Engagement Quality Review;
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Be aware of practical implications of Engagement Quality Reviews.
Content
The webinar will cover the following topics:
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Introduction:
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Importance of performing Engagement Quality Reviews
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Definition
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Key characteristics of Engagement Quality Reviews
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The requirements of EQRs as per ISQM2:
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The firm’s system of quality management & the role of Engagement Quality Reviewers (When an Engagement Quality Review should be performed – as required by ISQM 1)
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Appointment and eligibility of Engagement Quality Reviewers
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Performance of the Engagement Quality Review
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Completion of the Engagement Quality Review
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Reference to ISA220
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Documentary requirements regarding Engagement Quality Reviews
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Who is responsible for the documentation of the Engagement Quality Review?
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The Engagement Quality Reviewer: Skills, independence and confidentiality
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Results of the Engagement Quality Reviews
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Documentation of the Engagement Quality Review
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Findings of the IRBA 2024 Public Inspections Report on Engagement Quality Reviews:
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Key observations and recurring deficiency
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Future focus and recommendations
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Reference to IRBA QM Rule 3
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Practical implications
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Compliance with the firm’s System of Quality Management (as per ISQM 1)
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Example documentation
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Conclusion.
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