Auditorsdesk-Engagement Partner Review Checklist

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Standard Responsibilities of Engagement Explanation As per Standards

Reference Partner(EP) on Auditing Response

SA 220 Leadership Responsibility of The Engagement partner can 1

Para 8,A3 Engagement Partner : ensure Overall quality of audit
What measures are implemented or engagement by emphasising
suitable messages communicated to (i) the execution of work in
the other members of the engagement accordance with professional
team to safeguard the overall quality of standards and regulatory/legal
the assigned audit? requirements,
(ii) adherence to the firm's
applicable quality control policies
and procedures,
(iii) issuance of auditor's reports
suitable for the circumstances,
and
(iv) fostering an environment
where the engagement team feels
empowered to voice concerns
without fear of reprisals.

SA 220 Responsibilities regarding The Engagement Partner needs

Para 9- Compliance with Relevant Ethical to ensure that the engagement
10,A4 Requirements : team follows the Code of Ethics
a) How does the engagement partner issued by ICAI.
conduct inquiries to oversee and ensure
compliance with relevant requirements
by the members of the engagement
team?

b) What steps were taken upon

identifying any instances of non-
compliance, whether through the firm's
quality control system or other
methods?

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Standard Responsibilities of Engagement Explanation As per Standards
Reference Partner(EP) on Auditing Response

SA 220 Responsibilities regarding (a) Gathered relevant information

Para 11 Independence: from the firm and network firms to
How did the engagement partner identify and evaluate
assess circumstances and relationships circumstances and relationships
that pose threats to independence and creating threats to independence.
arrive at a conclusion regarding (b) Evaluated information on
compliance with the independence identified breaches of the firm's
requirements applicable to the audit independence policies to
engagement? determine if they pose a threat to
independence for the audit
engagement.
(c) Taken appropriate action to
eliminate or reduce identified
threats to an acceptable level
through safeguards, or considered
withdrawal from the audit
engagement if permitted by law or
regulation.
(d) Promptly reported any inability
to resolve independence matters
to the firm for appropriate action.

SA 220 Responsibilities regarding a) Client acceptance should

Para 12- Acceptance and Continuance review the integrity of the owners,
13,A8 Procedures: competence of engagement team
How did the engagement partner verify to perform the audit, compliance
that the procedures related to client with ethical requirement and
acceptance and continuance were significant issues in the prior
adhered to, and confirmed that the period audit
conclusions drawn in this regard are b) Prompt communicate of any
appropriate? information that, if known earlier,
would have led to a refusal of the
engagement, along with any
necessary actions taken in such
event.

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Standard Responsibilities of Engagement Explanation As per Standards
Reference Partner(EP) on Auditing Response

SA 220 Responsibilities regarding The engagement partner, when

Para Assignment of Engagement Teams: assessing the competence and
14,A11 How did the engagement partner capabilities of the engagement
evaluate the competence and team, considers factors such as:
capabilities of the engagement team, Experience and training: The
including auditor's experts who are not team's familiarity and practical
part of the engagement team? experience in similar and complex
audit engagements through
appropriate training.
Compliance: The team's
understanding of professional
standards, regulatory, and legal
requirements.
Technical expertise: The team's
proficiency, especially in
information technology and
specialized areas of accounting or
auditing.
Industry knowledge: Awareness
of the relevant industries in which
the client operates.
Professional judgment: The
team's ability to apply professional
judgment in their work.
Quality control: Familiarity with
and understanding of the firm's
quality control policies and
procedures.

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Standard Responsibilities of Engagement Explanation As per Standards
Reference Partner(EP) on Auditing Response

SA 220 Responsibilities regarding Direction, The engagement partner plays a

Para 15 Supervision and Performance: crucial role in directing the
How did the engagement partner engagement team by
ensure that: communicating various important
a) Engagement team members are aspects. This includes :
adequately informed about their a) clarifying team members'
responsibilities, responsibilities
b) Training is provided to ensure that b) Outlining responsibilities of
less experienced team members clearly respective partners, risk-related
understand the objectives of the issues, and discusses potential
assigned work, problems that may arise during
c) Conclusions resulting from the audit.
consultation or consideration by more The engagement partner can
experienced engagement team supervise the audit engagement:
members are implemented, and any a) By Tracking the progress of the
significant matters are addressed areas assigned to audit team.
promptly? b) Addressing significant matters
arising during the audit
engagement, considering their
significance and modifying the
planned approach appropriately.
c) Identifying matters for
consultation or consideration by
more experienced engagement
team members during the audit
engagement.

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Standard Responsibilities of Engagement Explanation As per Standards
Reference Partner(EP) on Auditing Response

SA 220 Responsibilities regarding Audit Documentation of significant

Para 16- Work Documentation: matter should include:
17 How did the engagement partner a) A description of the matter
document the extent and timing of b) The background to the facts
reviews performed at various stages and circumstances
throughout the engagement and ensure c) Evidence obtained, including
satisfaction that sufficient appropriate supporting and opposing evidence
audit evidence has been acquired to d) Technical reference and
support the conclusions reached, analysis, including implication(s)
allowing for the issuance of the of the matter
auditor's report?. e) Results of consultations with
others, (as agreed with those
consulted) and, if applicable, any
significant alternative views or
positions that were discussed and
the rationale for rejecting them
f) Record of discussion with
management and others,
including when and with whom the
matter was discussed
g) Final conclusions reached,
basis thereof, and significant
professional judgments made in
reaching the conclusions,
including how any significant
information or evidence obtained
that contradicts or is inconsistent
with the final conclusion has been
addressed
h) Evidence of review by the team
manager, Engagement Partner,
and Engagement Quality Control
Review Partner (if appointed) prior
to the date of the audit report

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