- September 14, 2018 at 3:39 pm
Sir one of the answers to safeguard conflict of interest was
the use of different engagement teams with separate engagement partners and team members.
l wanted to ask you what is the difference between engagement partners and team members.Thank you
Sir could you kindly explain the broadest composition of an audit team and an alternative name to any member because l fail to understand some parts of a scenario given in a question thank you like in question 3d June 2014 you are told you are the audit senior of Piano and Co, you are currently planning the audit with the audit manager.You have been provided notes from the audit partner.So like now there are 3 different names used for each member there is:the audit senior,audit manager and audit partner.Thank youSeptember 14, 2018 at 4:11 pm
An audit firm will have a number of partners who share in the firm’s profits (and losses). Each partner will have a portfolio of clients – they will be called the engagement or audit partner for each of their clients.
An audit team is headed by the engagement/audit partner.
Depending on the size etc of the client there will be an audit manager (sometimes two for large clients).
The audit manager will be assisted by one or more:
Audit seniors/senior in charge
Not every audit team will have all these “roles” filled. For example, a very small audit client may have a team which consists only of the partner, a senior and a trainee.
On page 47 of the notes you can read how the work of the lowest level of staff is reviewed by the next level up to the partner level.September 14, 2018 at 9:00 pm
Thank you sirSeptember 15, 2018 at 3:31 pm
You are welcome!
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