Acca aaa s21 Notes

pre-issuance ('hot') review
- i.e. it is carried out 
before
the auditor’s 
report is signed. An audit firm may choose to carry out other reviews ('hot' or 'cold') where an EQCR is 
not required.
4. Quality control (engagement level)
ISA 220, which addresses quality control procedures at the engagement level, presumes that the firm 
meets the requirements demanded by ISQC 1. At the engagement level, quality control procedures 
must provide reasonable assurance that:
๏
The audit complies with professional standards and legal requirements
๏
The auditor’s report issued is appropriate in the circumstances.
The 
engagement partner
is responsible for:
๏
Overall quality of the audit
๏
Compliance with relevant ethical requirements
๏
Acceptance/continuance of the audit engagement
๏
Assigning a competent and capable engagement team
๏
Engagement performance, including:
‣
Direction, supervision and performance of the audit in accordance with ISAs
‣
Review of audit documentation
‣
Appropriate consultation, where appropriate
‣
Discussion of significant matters with the engagement quality control reviewer, where 
relevant
Note that many of these responsibility can be remember by the acronym 
SACRED
(or SCARED!):
๏
S
upervision
๏
A
ssignment 
๏
C
ompetence
๏
R
eview
๏
E
thics
๏
D
irection
September 2021 to June 2022 exams
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