An engagement moves through six phases: Acceptance → Planning & risk → Fieldwork → Completion → Reported → Archived. Each move is gated, and the report can be signed only when every completion gate is met. Agreed-upon procedures skip planning; the other kinds follow the same phases with their own papers and gates.
| Phase | Main steps | Who | Standards | Chapter |
|---|---|---|---|---|
| Before the first engagement | Firm settings and policies; people and roles; security; links with SQMTrove, BookTrove and accounting systems | Owner, administrator | ISQM 1 | 1–4 |
| Client acceptance | Add the client; the partner accepts | Manager, partner | ISQM 1.30; ISA 220 | 5 |
| Acceptance | Create the engagement; team; independence; AC-1 and AC-3; approve; engagement letter (signed electronically) | Partner, manager, every team member, client | ISA 210, ISA 220, IESBA Code | 6, 7 |
| Planning & risk | Trial balance; materiality; analytics; significant accounts; risks; fraud; controls; programme | Senior, manager, partner | ISA 240, 300, 315, 320, 330, 520 | 8 |
| Fieldwork | Confirmations; procedures and evidence; sampling; JET; data analytics; recalculations; client requests; review notes; misstatements | Team; reviewers; client | ISA 230, 330, 450, 500, 505, 520, 530, 240, 265 | 9–11 |
| Completion | Financial statements; disclosure checklist; fraud stand-back; report and letters; partner review; EQR; gates; sign | Senior, manager, EQR, partner | ISA 220, 260, 450, 560, 570, 580, 700–720; ISQM 2 | 12, 13 |
| Reported and archived | Binder; archive package; FRC filing; archive; amendments; roll forward | Partner, administrator | ISA 230; ISQM 1 | 14 |