Thursday 20 July 2023


12:00 pm


2.0 CPD Hours

Session Topic

The role of the engagement partner – it’s changing significantly

Audit quality is all the rage. Recently issued new and revised auditing and quality-management standards emphasise it.

The engagement partner remains ultimately responsible, and therefore accountable, for compliance with the requirements of this ASA (ASA 220.9).

From an audit-engagement partner’s perspective (and public-sector equivalent), the importance of audit quality is reflected in the substantially revised ASA 220 Quality Management for an Audit of a Financial Report and Other Historical Financial Information. It comes in at 42 pages. (Its predecessor was a slim 22 pages.)

It became operative for reporting periods commencing on or after 15 December last year.

Requirements and application guidance have been significantly expanded over its predecessor – ASA 220 Quality Control for an Audit of a Financial Report and Other Historical Financial Information.

The ‘old’ ASA 220 had 17 mandatory requirements, 29 ‘application’ paragraphs describing how they should be applied. By comparison, the new ASA 220 contains 28 mandatory requirements and 119 ‘application’ paragraphs.

The session will:

  • Describes requirements of the quality management standard
  • Explains how they are implemented, including scalability
  • Defines changes to the definition of the engagement team
  • Identifies differences from the quality-control standard
  • Analyses changes resulting from ASQM 2 Engagement Quality Reviews
  • Discusses the demands of other auditing standards that impose specific responsibilities of the engagement partner, and
  • Reinforces what the engagement partner must do

This session has been designed for:

  • Audit engagement partners and senior members of the audit team
  • Those responsible within a practice for quality management
  • Engagement-quality reviewers
  • Those who conduct quality management on ‘live’ and ‘cold’ audit and assurance files, and
  • Audit-partner equivalents in public-sector audit offices.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.


Chanelle Pienaar

Principal | Audit Assist

Chanelle is an accomplished Chartered Accountant with more than 20 years’ experience as an auditor in a wide variety of Financial Audit and Audit Quality Control projects. Chanelle has abroad range of experience covering Financial Statement Audits, Audit Quality Control Reviews, Trust Account Audits and AASB implementation Advice & Assistance.

Chanelle has strong technical knowledge and enthusiastic training style ensures that all participants, from the graduate to the partner, receive maximum value from each training session.