Question 2:
A review of an audit by the Engagement Partner should be carried out
A. After the audit report is signed, and after a similar review by the audit senior
B. After a similar review by the audit senior, but before the audit report is signed
C. After the audit report is signed, and before a similar review by the audit senior
D. Before a similar review by the audit senior, and before the audit report is signed
E. After the completion of the audit by the audit staff assigned to it
The correct answer is (B)
Past Question Review:
Paragraph 7(a) of ISA 220 (International Standards on Auditing (ISA) which are professional standards for the auditing of financial information) defines the engagement partner as “the partner or other person in the audit firm who is responsible for the audit engagement and its performance, and for the auditor’s report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body.
The main role of an engagement partner is to look over and supervise the audit engagement in a firm including reviewing and leading the projects and progress of other engagement team members.
The engagement partner is one who meets with the client to discuss the scope of an audit and why will it happen an creates a final report
The goal of the engagement partner is to ensure that there aren’t any errors in the audit results and there is absolutely no inaccuracy in them.
The engagement partner is supposed to provide letters for audit engagement as one of the final steps in the process.
So the correct answer is (B)
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