Scope of this Auditing StandardScope of this Auditing Standard

Scope of this Auditing Standard

1. This Australian Standard on Quality Management (ASQM) deals with:
   1. The appointment and eligibility of the engagement quality reviewer; and
   2. The engagement quality reviewer’s responsibilities relating to the performance and documentation of an engagement quality review.
2. [Deleted by the AUASB. Refer to Aus 2.1 and Aus 2.2]

Aus 2.1 This ASQM applies to all engagements for which an engagement quality review is required to be performed in accordance with ASQM 1.[1] This ASQM is premised on the basis that the firm is subject to ASQM 1 or to national requirements that are at least as demanding. This ASQM is to be read in conjunction with relevant ethical requirements. Relevant ethical requirements are defined in paragraph Aus 16.8. Law, regulation or relevant ethical requirements may establish responsibilities for the firm’s management of quality beyond those described in this ASQM (Ref: Para. A2).

Aus 2.2 This ASQM does not address the responsibilities of the assurance practitioner that may exist in legislation, regulation or otherwise in connection with, for example, independence or other assurance related requirements of the Corporations Act 2001.

1. An engagement quality review performed in accordance with this ASQM is a specified response that is designed and implemented by the firm in accordance with ASQM 1.[2] The performance of an engagement quality review is undertaken at the engagement level by the engagement quality reviewer on behalf of the firm.

Scalability

1. The nature, timing and extent of the engagement quality reviewer’s procedures required by this ASQM vary depending on the nature and circumstances of the engagement or the entity. For example, the engagement quality reviewer’s procedures would likely be less extensive for engagements involving fewer significant judgements made by the engagement team.