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hello tutor
I would like to ask you a questionwhat’s the role of an independent review partner?
and how many people should be in an audit team along with the audit partner and who is responsible for any fault made by the audit team members during the course of audit?
is it the audit partner or the audit team as a whole ?
can you mention the formation for a standard audit team ( I mean like audit partner, audit trainees and…. ?
thanks
IRP = reviews the work performed by the audit team. It is simply a checking process for difficult clients or public interest organisations.
Size of audit team depends on size of client. A large listed company might have dozens in the audit team. For smaller clients it is often something like partner, manager, supervisor and a couple of assistants/trainees. The supervisor and assistants are the ones who carry out the details work at the client.
Ultimately, the responsibility for a bad audit rests with the audit partner.
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