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Hey groomit,
In what situations would a Independent Partner Review be conducted and why is it needed, and what is the role of audit committee in this situation
Audit committee has no role
This is an internal process carried on by the auditing firm to make sure their audits are being carried out to the right standard and quality.
Most firms have a programme of independent reviews and, in addition, they can be requested by a partner where there might be worries about the audit.
So if there are worries regarding for example ethical threats and are confirmed by independent audit , what happens next,
Well, if the audit is finished and signed off probably nothing will happen to that unless it is concluded that the audit opinion was incorrect. For future audits (of that client or another) the criticisms of the independent partner will have to be taken into account so that things are better in the future.
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