M/s RS & Co. has been appointed as the statutory auditor of Blue Sky Ltd., a listed company, for the financial year 2024-25. CA R is the…

Responsibilities of CA R as the engagement partner in relation to overall direction and review of the audit: As per SA 220 - "Quality Control for an audit of financial statements", Engagement partner has the responsibility for direction, supervision and performance of audit engagement in accordance with professional standards and regulatory and legal requirements.He is responsible for auditor's report being appropriate in circumstances.Review of audit documentation before issue of audit report is his responsibility.It has to be ensured that sufficient appropriate audit evidence has been obtained to support the conclusions reached and for issuance of auditor's report.Engagement partner is also responsible for ensuring undertaking appropriate consultation on difficult or contentious matters by engagement team not only within the team but also with others at appropriate level within or outside the firm. Specific responsibilities relating to EQCR: For audits of financial statements of listed entities, and those other audit engagements, if any, for which the firm has determined that an engagement quality control review is required, the engagement partner shall: Determine that an engagement quality control reviewer has been appointed.Discuss significant matters arising during the audit engagement, including those identified during the engagement quality control review, with the engagement quality control reviewer.Not date the auditor's report until the completion of the engagement quality control review.If differences of opinion arise within the engagement team, with those consulted or, where applicable, between the engagement partner and the engagement quality control reviewer, the engagement team shall follow the firm's policies and procedures for dealing with and resolving differences of opinion. Accordingly, CA R must ensure that the audit is properly directed, reviewed and completed, and that the auditor's report is not issued until the EQCR is completed and all significant matters and differences of opinion are resolved in accordance with SA 220, notwithstanding management pressure.