Quality control review refers to going through audit processes and the mechanics of the audit engagements. The review is designed to ensure assurance was conducted in line with applicable auditing standards and applicable policies.
Let’s go through the steps involved in the QCR.
Planning and analyzing the quality control review
It’s important to plan and prepare for quality audit review. The planning aspects include but are not limited to understanding auditing objectives, available resources, stakeholder needs, and the overall risk as part of conducting QCR.
Access & analyze audit data
Access and analyze the content of the audit file, including leads, sub-leads, disclosures, movement, supports, schedules, and other data related to audit execution.
Additionally, it’s important to review implemented internal controls, interviews, questionnaires, surveys, records, checklists, flowcharts, and other auditing data.
Communication & reporting
Formulate and communicate your findings concisely to the relevant stakeholders. The reports should be objective, summarized, professional, to the point, easy to understand, and contain professional recommendations and defined ways to improve the audit quality.
Conclusion
Quality control review refers to reviewing audit working papers and relevant records to assess whether the audit was conducted in accordance with the applicable auditing standards and policies.
Three stages of conducting the audit include planning and analyzing the review, accessing the audit file/data, and communicating the findings to the relevant stakeholders.
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