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ACCA Strategic Professional · Advanced Audit and Assurance (International) · Quality management (firm and engagement level)

Under ISA 220 (Revised), which of the following is the engagement partner's responsibility in relation to engagement performance?

The engagement partner takes overall responsibility for managing and achieving quality on the engagement, including direction, supervision and review of the team's work. This responsibility cannot be delegated to the quality reviewer, and it does not require personally reviewing every working paper.

  1. ADelegating all review of audit documentation to the engagement quality reviewer
  2. BTaking overall responsibility for managing and achieving quality on the engagement and for the direction, supervision and review of the work performedCorrect
  3. CEnsuring that every working paper is personally reviewed by the partner before the report is issued
  4. DDetermining the firm's system of quality management policies for all engagements

Explanation

ISA 220 (Revised) makes the engagement partner responsible for overall quality on the engagement, including direction, supervision and review. The partner need not personally review every paper, and designing the firm's system belongs to the firm under ISQM 1. The engagement quality reviewer does not take over review duties.

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