Responsible party in assurance
The responsible party is the party responsible for the underlying subject matter in an assurance engagement. It may also measure or evaluate that subject matter and prepare the resulting information, but those roles can be performed by another party. The practitioner independently obtains evidence and reports a conclusion.
Worked example
A company is responsible for its greenhouse gas emissions; a practitioner examines the reported emissions information against suitable criteria.
Common mistake
Do not assume the responsible party is always the person who prepares the information or that all assurance concerns financial statements.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Supporting | September 2026–June 2027 |