What are the duties of an audit partner?

by Mike Nelson Accounting Services Provider

Professional accounting services provide accounting, auditing, and other financial related services to business entities. An accounting firm may consist of several departments, which mostly depend on the services they provide. But at an accounting firm, you will find one department in common, the audit department. The job of an audit department is to review the client’s financial information and conduct a thorough check for accuracy and validity.

 

Sometimes, audit firms may employ small audit firms as audit partners to ease the burden. Now, the job of an audit partner is to manage and hold on to the clients and manage their basic auditing.

 

Difference between audit manager and audit partner

 

There are a few basic differences between an audit manager and audit partner, such as

The job of an audit manager is to review the entire audit papers to makes sure that they have been performed properly. If they find any complications, they will create a list of to-do things to clear all the concerns with the person or a group of person was responsible to create the first papers. After reviewing all the papers properly, they will sign the audit as they are ready for submission.

 

The job of the audit partner is somewhat similar, but they look only at the portions, which may be at high risk as if a double check. This is required to provide the additional assurances that all the works done by the audit firm are 100% flawless.

 

The duties of an audit partner are,

 

 

To get a better understanding of the job of audit partners, we will discuss 3 most important points,

 

 

Finding clients

 

Practically, audit partners are the face of the main audit firms. They work as an audit firm for small businesses. Generally, audit partners are the ones, who bring new clients to the firm. Don’t make the mistake of thinking that the audit partners are amateurs, but on the contrary. Audit partners are highly educated and have years of experience with brief knowledge about different topics related to auditing. Most of the time, the audit partners act as the salesman for the main firm to bring new business deals. You will find them at various trade events, business-related seminars to advertise their company’s business portfolio.

They are also responsible while it comes to retain the clients. The audit partners work as a medium to make professional or personal calls or meetings to inform them about their audit tasks.

 

Managing the audit department

 

On any accounting firm, the audit department is always the big one with a large number of employees. So, the audit partners take up the managerial position to run the audit department. Apart from that, audit partners take the responsibility to appoint new employees to the audit department or they can even promote an employee as well. Selecting the best audit team according to the needs of different companies is important to conduct business properly.

 

Team engagement

 

Appointing employees on a specific task is not enough; you have to make sure that they are engaged in the daily activities to stay up to date with the client company’s financial structure.

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Created on Feb 10th 2020 16:35. Viewed 319 times.

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