The external quality assurance review can be:
- A peer review under the supervision of a professional body or an independent public oversight body;
- A review carried out by a professional body;
- A review carried out by as professional body under the supervision of an independent public oversight body;
- Or an inspection by an independent public oversight body in any jurisdiction.
The quality assurance review should comprise both an assessment of the firm-wide procedures (including compliance with applicable auditing standards and independence requirements, of the quantity and quality of resources spent, of the audit fees charged and of the internal quality control system of the audit firm) and adequate testing of selected audit files.