Review Process - Audit Quality Review Board (AQRB)

AQRB: Review Process

The following is a brief summary of the review process for a monitored PMAF:

• Appointment of a Panel of Board members consisting of at least two Board members, one of whom must not have been a practicing accountant and one who has had previous audit experience. The Panel will work closely with the Technical Adviser.
• Agree dates for the review with the PMAF.
• Provide PMAF with summary QCR form for completion.
• Provide the PMAF with the Detailed Quality Control Report form and information check list, to be completed and presented to AQRB.
• Prior to the commencement of the detailed review carry out a high-level review of the summary and detailed QCR, and documentation to:

• Demonstration of key processes which may require assistance from PMAF personnel.
• The review will focus on the firm’s own monitoring processes designed to achieve high levels of audit quality and independence and compliance with legislation, auditing standards and the firm’s own policies.
• Examine the following review reports/processes:

• Consider whether the documentation/reports created by the firm’s own reviews, indicate that a robust and challenging review has been conducted.
• Select audit files for review such that significant policies and procedures are monitored over a reasonable period of time, across the audit practice. Such files will include files that have been subject to internal review.
• Review the selected audit files and determine which members of the audit team will be interviewed and what further information or explanation is required.
• Meetings with audit staff generally, not in relation to specific audit files, will be considered where appropriate.
• Draft a Detailed Review Report based on the above processes, which will be subject to discussions with the PMAF and review within AQRB.
• The PMAF will be provided with both a detailed Review Report and a Summary Review Report. The latter report will be placed on the AQRB website.