Ultimate responsibility for audit decisions, supervision of the team members, and the issuance of the final audit report rests with _______.
A)management
B)the audit partner
C)the audit manager
D)the audit committee

Question

Quizplus · Accepted Answer

The ultimate responsibility for the audit decisions, supervision of the team members, and the issuance of the final audit report rests with the audit partner. While the audit manager and team members play important roles in the audit process, the audit partner is ultimately responsible for the quality and accuracy of the audit work. Management is responsible for the financial statements and internal controls, but they are not directly responsible for the audit process. The audit committee provides oversight and guidance to the external auditors, but they do not have direct responsibility for the audit decisions or final audit report.

Ultimate Responsibility for Audit Decisions, Supervision of the Team Members