Date of report (in relation to quality control)
Date of the report – The date selected by the practitioner to date the report.
Engagement quality control review – A process designed to provide an objective evaluation, on or before the date of the report, of the significant judgments the engagement team made and the conclusions it reached in formulating the report. The engagement quality control review 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 [Kesimli, p. 4].
The firm shall establish policies and procedures setting out the nature, timing, and extent of an engagement quality control review. Such policies and procedures shall require that the engagement report not be dated until the completion of the engagement quality control review:
The engagement report is not dated until the completion of the engagement quality control review. However, documentation of the engagement quality control review may be completed after the date of the report.
Conducting the engagement quality control review promptly at appropriate stages during the engagement allows significant matters to be promptly resolved to the engagement quality control reviewer’s satisfaction on or before the date of the report.
There is an updated introductory section on quality concepts, including reference to the ISO 9000 series of quality standards, the European Foundation Quality (EFQM) Excellence Model, and the ISO 20252 standard for Market, Opinion, and Social Research [European Commission, p. 10].
Kesimli, I. (2019). External Auditing and Quality (2). Singapore: Springer Nature Singapore Pte Ltd.
European Commission. (2009). ESS Handbook for Quality Reports (3). Luxembourg: Office for Official Publications of the European Communities.