This article was first published in the November 2011 Singapore edition of Accounting and Business magazine.
ACRA has issued Audit Practice Bulletin No 1 of 2011, Engagement Quality Control Review. The engagement quality-control review process is an important aspect of a firm’s controls over audit quality. It serves as a safeguard in ensuring that the audit risks have been appropriately addressed and the audit opinions issued are correct and sufficiently supported.
The bulletin seeks to provide guidance on how firms should assign engagement quality control reviewers (EQCR) to engagements, what constitutes sufficient and timely involvement of EQCR in an engagement and how the role of the EQCR can be strengthened by enhancing accountability.
Joseph Alfred, policy and technical adviser, ACCA Singapore