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Let \\(\\mathcal{B}\\) denote a unital right \\(\\mathcal{H}\\) module algebra. Using ideas from \\textit{S. Klimek, W. Kondracki} and \\textit{A. Lesniewski} [K-Theory 4, 201--218 (1991; Zbl 0744.46063)] and \\textit{R. Akbarpour} and \\textit{M. Khalkhali} [``Hopf algebra equivariant cyclic homology and cyclic homology of crossed product algebras'', J. Reine Angew. Math. 559, 137--152 (2003; Zbl 1036.16005) the authors of the paper under review propose a definition of the equivariant cyclic cohomology of \\(\\mathcal{B}\\), written \\(HC^{\\bullet}_{\\mathcal{H}}({\\mathcal{B}})\\). Let \\(C^n\\) be the vector space of linear functionals \\(f\\) on \\({\\mathcal{H}}\\otimes {\\mathcal{B}}^{\\otimes (n+1)}\\) that are \\(\\mathcal{H}\\)-invariant, i.e.,  \\[  \\omega \\cdot f = \\epsilon(\\omega) f, \\quad \\omega \\in {\\mathcal{H}},  \\]  where, using Sweedler's notation for iterated coproducts,  \\[ (\\omega \\cdot f) ( \\eta \\otimes b_0 \\otimes \\, \\ldots \\, \\otimes b_n ) = f( S^{-1}(\\omega_{(0)}) \\eta \\omega_{(1)} \\otimes b_0 \\omega_{(2)} \\otimes \\, \\ldots \\, \\otimes b_n \\omega_{(n+2)}). \\]  Let the cyclic group \\({\\mathbb{Z}}/(n+1)\\) act on \\(C^n\\) via  \\[ (t_n f)(\\omega \\otimes b_0 \\otimes \\, \\ldots \\, \\otimes b_n) = f(\\omega_{(0)} \\otimes b_n \\omega_{(1)} \\otimes b_0 \\otimes \\, \\ldots \\, \\otimes b_{n-1}). \\]  Endow \\(C^n\\) with the usual coface and codegenercy maps for Hochschild cohomology, except \\(d^n_n = t_n d^n_0\\). Then \\(C^n\\) becomes a cocyclic object and its cyclic cohomology is, by definition, the equivariant cyclic cohomology of \\({\\mathcal{B}}\\). Proven is the following version of Morita invariance. If \\(X\\) is a finite-dimensional vector space endowed with trivial right action \\(x \\cdot \\omega = \\epsilon (\\omega) x\\) of \\(\\mathcal{H}\\), then there is an isomorphism  \\[  HC^n_{\\mathcal{H}}({\\mathcal{B}}) \\to HC^n_{\\mathcal{H}}( {\\text{End}}(X) \\otimes {\\mathcal{B}})  \\]  induced essentially by a trace map.  The authors provide the details for the definition of \\(K_0^{\\mathcal{H}}({\\mathcal{B}})\\) as the Grothendieck group of a certain category of \\({\\mathcal{BH}}\\)-modules, followed by the definition of \\(K_1^{\\mathcal{H}}({\\mathcal{B}})\\) as the abelian group of isomorphism classes of certain invertible endomorphisms of \\({\\mathcal{BH}}\\)-modules. Let \\(R ({\\mathcal{H}})\\) denote the vector space of \\({\\mathcal{H}}\\)-invariant linear functionals on \\(\\mathcal{H}\\). The pairings  \\[  \\begin{aligned} & HC^{2n}_{\\mathcal{H}}( {\\mathcal{B}} ) \\times K_0^{\\mathcal{H}}({\\mathcal{B}}) \\to R ({\\mathcal{H}}) \\\\ & HC^{2n+1}_{\\mathcal{H}}( {\\mathcal{B}} ) \\times K_1^{\\mathcal{H}}({\\mathcal{B}}) \\to R ({\\mathcal{H}}) \\end{aligned}  \\]  are then studied.  Let \\((A, \\;\\Delta)\\) denote a compact quantum group, \\(B\\) a unital \\(C^*\\)-algebra, and \\(\\alpha : B \\to A \\otimes B\\) a left coaction of \\(A\\) on \\(B\\). Let \\(X\\) denote an \\(\\alpha\\)-equivariant Hilbert \\(B\\)-module with respect to a linear map \\(\\delta : X \\to A \\otimes X\\). Let \\((A_0, \\;\\Delta_0)\\) be a closed subgroup of \\((A, \\;\\Delta)\\) and let Irr\\((A_0, \\;\\Delta_0)\\) be the set of equivalence classes of irreducible unitary corepresentations of \\((A_0, \\;\\Delta_0)\\). A main theorem of the paper is that any \\(\\alpha\\)-equivariant finitely generated right Hilbert \\(B\\)-module is isomorphic to a unique finite direct sum of modules \\(X_t\\), \\(t \\in \\text{Irr}(A_0, 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