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reviewing of working papers

This topic has 3 replies, 2 voices, and was last updated 10 months ago by Kim Smith.

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August 12, 2021 at 10:19 am #631314
Noah098
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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?
August 12, 2021 at 10:43 am #631319
Kim Smith
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Because the partner does not review ALL.
August 12, 2021 at 10:57 am #631323
Noah098
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as in? isnt he the responsible person for entire engagement?
August 12, 2021 at 11:06 am #631326
Kim Smith
Keymaster
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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.
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