Engagement Quality Reviewer Services

IAASB has once again revamped the Quality Management Standards (ISQM 1 and ISQM 2) for assurance engagements, applicable from December 15, 2023. Chartered Accountant firms are required to comply with these quality standards.

Discuss an EQR What the review covers

What the review covers

Six areas, each documented so the review stands up to inspection.

  • 1

    Appointed reviewer

    A qualified Chartered Accountant appointed as engagement quality reviewer, independent of the engagement team.

  • 2

    Review of significant judgments

    Objective evaluation of the significant judgments made by the team and the conclusions reached on them.

  • 3

    Report formulation

    Review completed on or before the date of the engagement report, so issuance is not delayed.

  • 4

    ISQM 1 and 2 alignment

    Review performed in line with the revamped IAASB Quality Management Standards applicable from December 15, 2023.

  • 5

    Documentation

    Review documentation prepared to evidence what was examined, discussed, and concluded.

  • 6

    Objectivity safeguards

    Threats to the reviewer’s objectivity identified, with agreed actions where they arise.

How a review runs

  1. Appointment

    Eligibility and objectivity confirmed before the reviewer is appointed.

  2. File access

    Secure access to the engagement file and key working papers.

  3. Review

    Significant judgments examined and discussed with the engagement partner.

  4. Completion

    Documented on or before the date of the engagement report.

Why firms bring in an external reviewer

  • Independence you can evidence

    A reviewer outside your engagement team, with objectivity documented for inspection.

  • Specialized expertise

    Staying updated with changing regulations and standards is difficult. RGS provides access to specialized expertise and knowledge.

  • Capacity without a second partner

    Smaller firms get review capacity without needing another partner on staff.

Need an engagement quality reviewer?

Talk through Odoo ERP implementation or outsourcing your accounting and tax workload. One-month free trial available for outsourcing engagements.

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