Clarifying the distinct roles of EQR and Monitoring Reviews under the new quality management standards. Overview One of the most common areas of confusion in the new quality management standards is understanding the distinct — and critical — roles of ISQM 1 file monitoring and the Engagement Quality Review (EQR) required by ISQM 2. At first glance, they can seem very similar. In both cases, a qualified professional reviews an audit file and documents conclusions. Because of that, it’s easy to assume they serve the same purpose — or worse, that one can replace the [...]

Clarifying the distinct roles of EQR and Monitoring Reviews under the new quality management standards. Overview One of the most common areas of confusion in the new quality management standards is understanding the distinct — and critical — roles of ISQM 1 file monitoring and the Engagement Quality Review (EQR) required by ISQM 2. At first glance, they can seem very similar. In both cases, a qualified professional reviews an audit file and documents conclusions. Because of that, it’s easy to assume they serve the same purpose — or worse, that one can replace the [...]