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Chapter 15 4

2.2 Main principles of review engagements

When performing a review engagement practitioners must:

 Comply with the ethical requirements of ACCA's code of conduct.

 Implement appropriate quality control procedures.

 Consider whether the engagement should be accepted such as whether the
practitioner has the necessary competence and available resources.

 Agree the terms of engagement in an engagement letter.

 Plan the engagement so that it will be performed effectively including:

– Applying professional scepticism.

– Obtaining an understanding of the subject matter and other engagement
circumstances to identify and assess the risks of material misstatement.

– Assessing the suitability of the criteria to evaluate the subject matter.

– Consideration of materiality and engagement risk.

 Obtain sufficient appropriate evidence on which to base the conclusion.

 Consider subsequent events.

 Document matters significant in providing evidence that supports the
engagement report.

 Provide a clear written expression of their conclusion about the subject matter
information.

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