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Hello there,
Please I will like to understand a clear distinction between Independent Partners and External Consultants who perform “independent review”
Thank you.
An independent partner is another partner within the firm who is not associated with the client – so clearly not the audit engagement partner or a partner involved in a department that provides other services to the audit client. Perhaps a partner from another office of the same firm.
An external consultant is just that – a person (or firm) that provides services for a consultancy fee. A smaller firm, in particular, that does not have an independent partner with time to carry out a quality control review may contract a partner from another firm. Or small firms may work together as a consortium. There are also companies that specialise in offering “quality control solutions”.
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