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.

If the Master Warning has gone off it might be an idea to cancel it to stop the noise so making communication a little easier.

Boeing QRH's typically include the following statement in the Checklist Instructions - Non-Normal Checklist section:

At the airline where I worked, the QRH went further and gave specific examples of the required calls and actions. In all cases, the EICAS messages were read by the PM, the PF acknowledged, and the PM then cancelled the Master Warning/Caution.

Many thanks for the guidance...

Maybe two different things here though. Aural alerts should be cancelled, but the actual EICAS message should not be removed using the recall / cancel button until it’s been acknowledged by both pilots.