Boeing Master Caution/Warning
My understanding has always been the EICAS message is read before the MASTER CAUTION / WARNING is cancelled, (should one appear), and of course it shouldn't be cancelled until the fellow crew member NOT calling the issue acknowledges the problem. There are statements within the FCOM's/QRH, though nothing definitive on an order of things nor whether fellow crew must respond before cancelling.
Any guidance would be appreciated.