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ACCA Strategic Professional · Advanced Audit and Assurance (International) · The assurance of sustainability

Cobalt Ltd's auditor is asked to perform a sustainability assurance engagement. The firm has not yet designed engagement-level quality responses. Which statement best describes the engagement partner's responsibility under the quality management standards applied to assurance engagements?

The engagement partner takes overall responsibility for managing and achieving quality on the engagement, including appropriate direction, supervision and review. This cannot be left solely to a firm function or the client, and it applies to sustainability assurance as well as audits.

  1. AQuality is solely the responsibility of the firm's quality management function
  2. BThe engagement partner takes overall responsibility for managing and achieving quality on the engagement, including direction, supervision and reviewCorrect
  3. CThe engagement partner may delegate full responsibility to the client's audit committee
  4. DQuality responsibilities apply only to financial statement audits, not to sustainability assurance

Explanation

The engagement partner is responsible for overall quality, including direction, supervision and review of the work. Quality management is not delegated to the client. The firm's system under ISQM 1 also supports assurance engagements, so the standards are not limited to financial audits.

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