(a) The objective of this project is to develop provisions for the Code addressing threats that may be created when an individual who was previously involved in an
audit or other assurance engagement (whether as the engagement partner or as another member of the engagement team) is appointed as the EQR on the
(b) The project is focused on audit and other assurance engagements for which an engagement quality review is determined to be an appropriate response to an
assessed quality risk pursuant to [proposed] ISQM 1.2
The final pronouncement addressing the objectivity of an engagement quality reviewer (EQR) and other appropriate reviewers revisions was issued on January 14, 2021, and will be effective for audits of financial statements for periods beginning on or after December 15, 2022.