EQCREngagement Quality Control Review
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If an engagement meets the established criteria, the EQCR should be performed by an individual who is not a member of the engagement team, possesses the necessary experience and technical competency, and has the authority to objectively complete the review.
Although the individual performing the EQCR cannot be a member of the engagement team, the engagement partner may seek consultation with the reviewer during the performance of the engagement.
An EQCR consists of an objective evaluation of the significant judgments made and conclusions reached by the engagement team, by reviewing selected engagement workpapers and other documentation, as well as reading the financial statements or other subject matter and considering the appropriateness of the report.