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Engagement Quality Reviews – IAASB

Date recorded:

At its meeting on December 9-13, 2019, the IAASB generally supported the ISQM 2 Task Force’s revised proposals on the scope of engagements subject to an engagement quality (EQ) review and on a mandatory cooling-off period of two-years, or longer if required by relevant ethical requirements, to address objectivity for individuals moving into the role of EQ reviewer after serving as the engagement partner.

The Board also generally supported proposals on other matters, including the EQ reviewer’s evaluation of the exercise of professional skepticism by the engagement team, and considerations for an EQ review of a group audit engagement. The ISQM 2 Task Force will consider the comments received in preparing a revised full draft of proposed ISQM 2 for discussion at the March 2020 IAASB meeting.

Review the summary, including the podcast, on the IAASB's Web site.

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