Page 65 - AAA Integrated Workbook STUDENT S18-J19

Quality control

Engagement performance

Firms must design policies and procedures to ensure engagements are performed to
a satisfactory standard. Policies and procedures should cover:

 Matters relevant to promoting consistency in the quality of engagements.

 Supervision responsibilities.

 Review responsibilities

4.1 Consistency in quality of engagements

 How engagement teams are briefed to obtain an understanding of the
engagement and their objectives.

 Processes for complying with engagement standards.

 Processes of engagement supervision, training and coaching.

 Methods of reviewing work, judgments and reports issued.

 Documentation of work performed and the timing and extent of reviews.

 Processes to keep policies and procedures current

4.2 Supervision responsibilities

 Tracking the progress of the audit to ensure the timetable can be met

 Considering the competence of the team

 Addressing significant matters arising and modifying the planned approach
accordingly

 Identifying matters for consultation. Consultation may be required where the
firm lacks appropriate internal expertise.

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