Final answer:
The engagement partner and manager evaluate accuracy, efficiency, compliance, and effectiveness when reviewing the work of engagement team members. These factors ensure the quality and reliability of the engagement, and that it meets all professional and legal standards.
Step-by-step explanation:
When reviewing the work of engagement team members, the engagement partner and manager evaluate several factors to ensure the audit or engagement has been performed to the requisite standards. These factors typically include the accuracy, efficiency, compliance, and effectiveness of the work done. These elements are critical in maintaining the quality and reliability of the engagement.
Accuracy
Accuracy is the cornerstone of any engagement as it ensures that the information reported is correct and free from errors. This involves evaluating calculations, factual evidence, and the appropriate application of accounting principles.
Efficiency
Efficiency relates to how well the engagement team utilized resources, including time and budget, to accomplish the objectives of the engagement. This includes assessing whether the work was completed in a timely manner without overutilization of resources.
Compliance
Compliance checks if the procedures followed by team members were in accordance with the relevant standards, laws, regulations, and internal policies. This ensures that the engagement meets all necessary professional and legal requirements.
Effectiveness
The effectiveness of the engagement refers to whether the objectives of the engagement were achieved and whether the work performed supports the conclusions reached. This includes assessing the appropriateness of the audit approach and whether it addressed the identified risks.
In conclusion, these four factors are integral to the review process undertaken by an engagement partner and manager. By evaluating these aspects, they ensure the overall quality and integrity of the work performed by the engagement team members.