PCAOB

Question 1

According to PCAOB standards, each of the following items of information should be included in the documentation of an engagement quality review

Answer 1

1) Identification of the engagement quality reviewer and others who assisted the reviewer.
2) Identification of the documents reviewed by the engagement quality reviewer and others who assisted the reviewer
3) The date on which the engagement quality reviewer provided concurring approval of issuance

Question 2

Which of the following statements is correct regarding characteristics required of an engagement quality reviewer under PCAOB auditing standards?

Answer 2

The PCAOB (specifically, AS Section 1220) states: “An outside reviewer who is not already associated with a registered public accounting firm would become associated with the firm issuing the report if he or she . . . (1) receives compensation from the firm issuing the report for performing the review or (2) performs the review as agent for the firm issuing the report.”