has increased. Source: Enhancement in the Soundness of the ELW Market, KRX (2015) 17 • Issuance • Risk Management • Disclosures • Investor consultations • Investors’ understandings • Compliance SEC

and extent of an engagement quality review (b) Requirements for the EQr to obtain understandings and information communicated by the engagement team and the firm. (c) Direction and supervision of AEQr

should be considered by the audit committee and the board of directors so that they can exchange their views, align their understandings and decide on appropriate practical guidelines for the companies

potential investors and joint venture partners (g) Facilitate the parties to enter into memorandum of understandings (MOU) and definitive agreements (h) Provide development program and plan in accordance with

realizations not known to investors when earnings are released, I use these as a proxy for their expectations. This should not be mistaken for assuming that investors have full foreknowledge. The following

additional required steps in the audit process such as tests of opening balances, gaining understandings of client’s business and internal control system. Not only would the insufficiency of estimated