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Audit opinion

This topic has 2 replies, 2 voices, and was last updated 3 years ago by Kim Smith.

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February 17, 2019 at 6:57 am #505407
alikhakar
- Topics: 186
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Who forms the final audit opinion based on the evidence obtained from the audit procedures ? Who has the final authority and responsibility for this? Is that engagement partner ?
February 17, 2019 at 7:07 am #505409
alikhakar
- Topics: 186
- Replies: 79
There is one true/false ques in kaplan kit ..”the audit partner will review all working papers on the audit file before issuing an audit opinion” and the answer is false.
Why so ?
February 17, 2019 at 10:56 am #505482
Kim Smith
Keymaster
- Topics: 93
- Replies: 6420
Yes it is the engagement partner.
He will not have to review ALL documentation – the senior reviews the juniors’ work, the manager reviews the seniors’ … the partner will review “points for attention of partner” left by the manager and other key audit documentation – but by no means “all”.
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