Responsibilities of the client-serving member firm
24.150 The audit partner-in-charge of the engagement of the client-serving member firm should provide timely notification to the national assurance partner-in-charge of the gatekeeping firm, or such partner’s delegate, about the filing that their client will be making. Timely notification enables the gatekeeping firm to secure appropriate resources to assist the audit partner-in-charge of the engagement and to perform the gatekeeping procedures.
24.151 The audit partner-in-charge of the engagement should also obtain and execute the Cross-Border Filing Agreement in Appendix A of this manual from the gatekeeping firm. This document should not be altered except to provide the information that is required in the designated tailorable sections of the agreement.
Responsibilities of the gatekeeping firm
24.152 Upon notification of a pending filing, the gatekeeping firm should assign a “filing reviewer(s)” who is knowledgeable about the rules, regulations and filing requirements, as well as the accounting, auditing, and ethical standards generally accepted in the jurisdiction where the filing or offering is to be made. The filing reviewer(s) will perform the procedures specified in the Cross-Border Filing Agreement. These procedures are performed to provide assistance to the audit partner-in-charge of the engagement and the client-serving member firm.
24.153 Upon completion of the procedures, the filing reviewer should provide a written statement to the audit partner-in-charge of the engagement that the procedures were completed in accordance with policy. The audit partner-in-charge of the engagement should retain this written statement in the audit files. The filing reviewer should also retain a copy of the written statement for a period that is consistent with the gatekeeping firm’s retention polices as evidence that the procedures were completed. The gatekeeping firm should only retain documentation assembled during the performance of the procedures that is required by standards or regulations of their jurisdiction. Documents retained by the gatekeeping firm would ordinarily not include review notes or notes regarding inquiries made of the audit team or others.