ACCA Advanced Audit and Assurance (AAA) Practice Exam

Who is typically referred to as the key audit partner?

1. The individual who manages all audit staff

2. The partner responsible for the quality-control review

3. Any partner who has worked on the audit engagement

4. The client’s financial officer

The correct answer is: The partner responsible for the quality-control review

The key audit partner is typically referred to as the partner responsible for the quality control review. This individual plays a critical role in ensuring that the audit is conducted in accordance with relevant standards and regulatory requirements. The key audit partner’s responsibilities include overseeing the audit process, ensuring the integrity of the work performed by the audit team, and being the main point of contact for the client regarding the audit. Their involvement is essential for maintaining the quality and reliability of the audit results. In contrast, the individual managing all audit staff may not necessarily have the same level of oversight or responsibility for quality control as the key audit partner. Similarly, any partner who has worked on the audit engagement does not automatically assume the role of key audit partner, as this title is designated based on specific responsibilities and involvement in quality assurance. The client's financial officer, while important to the audit process, does not hold any auditing responsibilities and is focused on the company's financial operations rather than the audit itself. Hence, the role of the key audit partner is distinctly centered around quality control within the audit engagement.