Who has the primary responsibility for the performance of an audit?

The primary responsibility for the performance of an audit rests with the partner in charge of the engagement. This individual is typically a senior-level auditor or partner within the audit firm who oversees the entire audit process, ensuring that it complies with applicable auditing standards and regulations. The partner is responsible for planning, execution, and overall delivery of the audit while maintaining the quality of the work performed by the entire audit team.

This role encompasses not only the technical aspects of auditing but also strategic decisions regarding the approach to the audit, addressing any significant risks identified, and ensuring that the resources allocated to the engagement are sufficient. The partner must also provide the final review and approval of the audit report before it is released, reinforcing accountability and the integrity of the audit conclusion.

While auditors and staff members contribute significantly to the audit through various tasks such as testing controls and collecting evidence, their work is conducted under the supervision and guidance of the engagement partner, who bears the overarching responsibility for the audit's effectiveness and reliability. The audit committee, while essential in terms of governance and oversight of the audit process, does not directly manage or execute the audit itself.