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This document serves as the employer's monthly return of tax withheld for the City of Defiance, including instructions for filing, tax calculations, and penalties for late submissions.
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Firms with A&A practices should pay particular attention to the new standard on engagement quality reviews (EQRs) as they implement the new suite of quality management (QM) standards that are effective Dec. 15, 2025. The new standard specific to EQRs is Statement on Quality Management Standards (SQMS) No.
The objective of the EQR is to perform an evaluation of the significant judgments made by the engagement team and the related conclusions reached in forming the overall conclusion on the engagement and in preparing the engagement report.
Engagement Quality Review (EQR) Evaluation.
An engagement quality reviewer from the firm that issues the engagement report (or communicates an engagement conclusion, if no report is issued) must be a partner or another individual in an equivalent position. The engagement quality reviewer may also be an individual from outside the firm.
The EQCR must be an experienced professional independent of the engagement team, tasked with reviewing the significant judgments made by the audit team, and ensuring compliance with auditing standards.
External Quality Review Organization (EQRO) Reports.
An EQR is defined by the IAASB as an 'objective evaluation of significant judgements made by the engagement team and the conclusions reached thereon, performed by the engagement quality reviewer (the reviewer) and completed on or before the date of the engagement report'.

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FORM EQ-R is a specific regulatory form used for reporting certain financial and operational information as required by regulatory authorities.
Entities that meet specific criteria set by regulatory authorities, typically those involved in financial services or regulated industries, are required to file FORM EQ-R.
To fill out FORM EQ-R, follow the instructions provided by the regulatory agency, ensuring all required fields are completed accurately and any necessary attachments are included.
The purpose of FORM EQ-R is to collect essential data for regulatory compliance, allowing oversight bodies to monitor financial and operational health.
FORM EQ-R typically requires information such as financial statements, operational metrics, compliance data, and any other relevant disclosures as mandated by regulators.
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