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I have a slight confusion regarding the role of Audit Partner and Audit engagement partner..are they both same? Who is the one that owns the firm and who is the one responsible for signing off the accounts and for conducting the audit in a particular client’s firm? For example: an audit firm has 2 clients, and for each of those assignments, there is a person who will be responsible for signing off the audit report below whom auditors would be working assigned by him…that is the audit engagement partner right? But then, the person who owns the firm is also called a partner…slight confusing
The audit firm, typically, comprises a number of partners and collectively those partners “own” the firm
Some partners will be taxation partners, some will be corporate recovery partners, some audit partners, others liquidation and insolvency partners … collectively, they “are” the firm
And each and every one of them is entitled to sign audit reports – yes, even the taxation partners because a partner can do anything so long as it’s legal
Of course, if taxation partners were to start signing off audit reports, the other partners are likely to get a bit huffy about it and that could be the start of the end of the partnership
But there’s no single partner that “owns” the firm … unless of course the firm is just a single partner acting as a sole practitioner
Clearer?
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