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Questions and Answers
What is the primary responsibility of the engagement team?
What is the primary responsibility of the engagement team?
- Determining whether to implement responses at the engagement level
- Designing and implementing responses at the firm level
- Communicating information from the audit engagement to the firm
- Implementing the firm's responses to quality risks applicable to the audit engagement (correct)
In addition to the firm's policies or procedures, what may the engagement team consider when determining responses at the engagement level?
In addition to the firm's policies or procedures, what may the engagement team consider when determining responses at the engagement level?
- Nature and circumstances of the audit engagement (correct)
- Firm's financial performance
- Client's preferences
- Audit engagement budget
What type of information does the engagement team communicate to the firm?
What type of information does the engagement team communicate to the firm?
- Information on the engagement partner's decisions
- Information regarding client preferences
- Information required by the firm's policies or procedures to support the design, implementation, and operation of the firm's quality management system (correct)
- Information on the financial performance of the firm
What is the basis for the firm's system of quality management (SQMs)?
What is the basis for the firm's system of quality management (SQMs)?
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Who is responsible for implementing the firm's responses to quality risks applicable to the audit engagement?
Who is responsible for implementing the firm's responses to quality risks applicable to the audit engagement?
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