Auditing standard 7

Question 1

engagement quality review

applies to public company (issuer)

audit and interim

Answer 1

pcaob requires engagement quality review and concurring approval of report issuance

Question 2

qualifications of engagement quality review

Answer 2

you have to be an associated person of the registered public accounting firm
partner or equivalent
or someone outside firm when they are compensated for performing the review

Question 3

cooling off restriction

Answer 3

cannot be the partner on either of two audits preceeding the engagement under review (unless pcaob grants exception)

Question 4

documentation of engagement quality review

Answer 4

sufficient to support procedures performed and conclusions reached

included with other engagement documentation

must meet pcaob retention requirements (7 years)

Question 5

concurring approval cannot be given if if there is any

Answer 5

significant engagement deficiency