Engagement quality control reviewer
Engagement quality control reviews are an objective evaluation of significant matters, including identified risks and significant judgments made by the engagement team and the team’s conclusions reached in formulating the engagement report. A quality reviewer performs his or her review promptly at appropriate audit stages. An assurance report is not dated until the engagement quality control review is completed. This section describes the process for selecting which assurance engagements require a quality reviewer and the appointment of quality reviewers. The Assistant Auditor General, Audit Services, is responsible for evaluating all assurance engagements and approving engagement quality control review assignments. He or she will consider the Selection Criteria in this guidance and consult with the assistant auditors general of the applicable practice when evaluating the level of risk associated with an assurance engagement. The Assistant Auditor General, Audit Services, complete this process at least annually and revisits it as new risk factors or changes in circumstances arise. An engagement quality control review is required, and a quality reviewer will be assigned for all financial audits of a listed entity. To comply with this policy, listed entities are those whose shares, stock, or debt are quoted or listed on a recognized stock exchange or are marketed under the regulations of a recognized stock exchange or other equivalent body. The assignment of an engagement quality control review for all other assurance engagements will be based on the evaluation and documentation of the level of risk associated with the assurance engagement done by the Assistant Auditor General, Audit Services. The assurance engagements assessed at an acceptable level of risk to the Office will not require an engagement quality control review[Office of the Auditor General of Canada]. Also, An EQCR is a process designed to provide an objective evaluation, on or before the date of the engagement report, of the significant judgments the engagement team made and the conclusions it reached in formulating the report. The EQCR process is for audits of financial statements of listed entities and those other engagements, if any, for which the firm has determined an engagement quality control review is required.
Firms that provide assurance services are required to adopt policies about: The criteria against which all audits and reviews of historical financial information and other assurance engagements will be evaluated to determine whether an EQCR should be performed;
The nature, timing, and extent of an EQCR;
The criteria for the eligibility of engagement quality control reviewers; andThe requirements for the documentation of the EQCR [Public Practice Knowledge Base].
Selection of Engagement Quality Control Review and Appointment of Quality. Office of the Auditor General of Canada.Retrieved from: https://www.oag-bvg.gc.ca/internet/methodology/performance-audit/manual/1081.shtm
Engagement Quality Control Review (EQCR). Public Practice Knowledge Base. Retrieved from: https://www.bccpa.ca/news-views-kb/news-views-kb-entries/practice-management/quality-control/guidance/engagement-quality-control-review-eqcr/