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In: Accounting
What are the primary responsibilities of a "concurring partner" under current U.S. auditing standards?
What are the primary responsibilities of a "concurring partner" under current U.S. auditing standards?
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Expert Solution
The primary responsibilities of a "concurring partner" under current U.S. auditing standards:
1. They lead another dimension of examination to ensure the review and the ends pursued GAAP and inspecting gauges.
2. The concurring partner reviews the the judgement made by the commitment group and is in charge of favoring the judgment.
3. They are additionally in charge of checking on the feeling and assessing the commitment team's independence and commitment technique.
4. The concurring partner reviews the the nature of the review and in this manner must be capable, free, and should rehearse objectivity (PCAOB, n.d.).
5. The concurring partner must evaluate the decisions including the substantive testing to high hazard exchange and record adjusts, survey review contrasts, and assess the judgement made on the materiality of recognized errors (PCAOB, n,d).
Concurring partners ought to likewise guarantee that no issues of concern have stayed uncertain.
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