The partner responsible for performing an engagement quality review will review the working papers and financial report to perform all of the following except:
A) evaluate judgements about materiality and the disposition of corrected and uncorrected identified misstatements
B) report to ASIC any discrepancies
C) review the engagement team's evaluation of the firm's independence in relation to the engagement
D) confirm with the engagement audit partner that there are no significant unresolved matters

Question

Quizplus · Accepted Answer

The partner responsible for performing an engagement quality review does not have the responsibility to report discrepancies to ASIC (Australian Securities and Investments Commission) as part of their review duties. Their role is more focused on the internal quality and integrity of the audit process, including evaluating judgments, reviewing independence evaluations, and confirming the resolution of significant matters with the engagement audit partner. Reporting to regulatory bodies like ASIC is typically handled through different processes and by different individuals or roles within or outside the firm.

The Partner Responsible for Performing an Engagement Quality Review Will