Page 88 - AA Integrated Workbook STUDENT 2018-19

Chapter 63 4

An EQCR includes:

 Discussion of significant matters with the engagement partner.

 Review of the financial statements and proposed auditor’s report.

 Review of selected audit documentation relating to significant judgments and
conclusions reached. This includes:

 Significant risks and responses to those risks

 Judgments with respect to materiality and significant risks

 Significance of uncorrected misstatements

 Matters to be communicated to management and those charged with
governance, and where applicable, other parties such as regulatory bodies.

 Evaluation of conclusions reached in forming the audit opinion.

For listed entity audits, the EQCR should also consider:

 Independence of the engagement team.

 Whether appropriate consultation has taken place on contentious matters or
differences of opinion.

 Whether documentation reflects the work performed in relation to significant
judgments.

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