Quality Management of an Individual Audit (4)

Question 1

What is the engagement partner responsible for in engagement performance?

Answer 1

For direction and supervision of member of the engagement team and the review of their work

Question 2

How is direction, supervision and review shared?

Answer 2

Between more and less senior personnel, who should recognise the variations across different engagements

Question 3

What should the sharing process also consider

Answer 3

Whether sufficient audit evidence obtained, whether it supports both conclusions reached and various elements of auditor’s report are communicated in advance

Question 4

What is the engagement partner required to do>

Answer 4

Stand back and ensure their involvement in the engagement is sufficient to satisfy the requiremernt for taking overall responsibility

Question 5

What must the partner ensure?

Answer 5

Direction, supervision and review is planned and performed in line with firm’s policies and with ISAs

Question 6

What is the partner also responsible for>

Answer 6

Making sure there is appropriate consultation on the audit - both with audit team and outside

Question 7

What if there are differences of opinion?

Answer 7

Then partner is responsible for resolving them, using the firm’s polciies and procedures