As part of a quality audit,the audit firm must have policies and procedures in place for conducting an engagement quality review of each audit before issuing the audit opinion for public companies.

Question

Quizplus · Accepted Answer

This statement is true. Engagement quality review is a required step in the audit process for public companies, and audit firms must have policies and procedures in place to ensure that this review is conducted properly. The purpose of the engagement quality review is to ensure that the audit has been conducted in accordance with auditing standards and that the audit opinion is supported by sufficient and appropriate evidence.

As Part of a Quality Audit,the Audit Firm Must Have