AAF8
Syllabus B. Planning And Risk Assessment B1. Obtaining and accepting audit engagements

B1f. Assigning the Audit Team 9 / 10

Syllabus B1f)

Explain the quality control procedures that should be in place over engagement performance, monitoring quality and compliance with ethical requirements

You need to consider the team's competence and capabilities

This means looking at their:

  1. Understanding of, and experience with, similar audits

  2. Understanding of professional standards and regulations

  3. IT expertise and any specialist accounting / auditing

  4. Knowledge of the client's industry

  5. Ability to apply professional judgment

  6. Understanding of the firm’s quality control policies