ACCA AAA ^INT Syllabus C. Practice Management - Definitions for Quality Control - Notes ^{1 / 6}

Engagement partner

The partner responsible for the audit engagement, performance and report 

Also she has the appropriate authority from a professional, legal or regulatory body

Engagement Quality Control Review

Provides an objective evaluation, before signing the report, 
of any significant judgments & conclusions

It is for listed entity audits and any where the firm thinks such a review is required

Engagement Quality Control Reviewer

Someone not part of the engagement team, with experience and authority to objectively evaluate the significant judgments & conclusions

Engagement team 

All partners and staff performing the engagement, plus anyone engaged by to do audit work 

This excludes external experts

Firm

A sole practitioner, partnership or corporation of professional accountants

Inspection

These provide evidence of compliance with the firm’s quality control policies

Listed entity

An entity whose shares (or debt) are quoted on a stock exchange

Monitoring

An ongoing evaluation of the firm’s quality control

It includes periodic inspections of a selection of completed engagements