- This topic has 3 replies, 2 voices, and was last updated 10 months ago by Kim Smith.
- You must be logged in to reply to this topic.
The audit engagement partner will review all working papers on the audit file before issuing an opinion. Ans: false
maam could you explain why the answer to this is false?
Because the partner does not review ALL.
as in? isnt he the responsible person for entire engagement?
But the senior reviews the juniors’ work and the manager reviews the seniors’ work …. the audit partner’s time is charged out at hundreds of $s an hour! Is it a good use of his time that he reviews the bank rec? Or a schedule of additions to non-current assets? Or results of NRC tests? (Answer NO)
The manager will prepare for the partner a schedule of “outstanding points for partner” – this will draw attention to things that demand the partner’s attention – like the schedule of uncorrected misstatements.