- SKILL LEVEL:
Audit partner
Job profile:
Audit and assurance
Career zone:
The assurance provider
What is an audit partner and what do they do?
Audit partners oversee and direct the activities of audit teams and have ultimate responsibility for signing off the audit report. They are responsible for ensuring that the audit is completed with appropriate rigour, on time and for signing off on the work completed. They also act as the key relationship contact with the client and ensuring that the client receives a high-quality service.
Partners typically have revenue targets and a primary focus is on managing their existing client portfolio as well as developing new client relationships. Depending on the organisation, audit partners also may be in charge of hiring new employees and selecting audit teams for client engagements.
Key responsibilities
Responsibilities will vary, but examples include:
- effectively manage a portfolio of clients, developing new client relationships to ensure business growth
- planning and managing audit procedures, ensuring they are completed by the set deadline
- maintaining up-to-date knowledge about company standards, policies and regulations
- providing support to ensure timely completion of audit projects, including monitoring turnaround and reviewing audit files
- managing expenses and staffing to increase revenue
- addressing client concerns
- monitoring budget and WIP on assignments
- and overseeing and signing off audits.
Why are they important?
Audit partners have ultimate responsibility for signing off the audit reports produced at the conclusion of the statutory audit process on behalf of the partnership. They are also responsible for managing and retaining existing clients as well as engaging new clients.
Person specification
It is essential that audit partners demonstrate the highest level of collaboration, in all regards to successfully manage their teams and their clients. They also need to be able to drive business forwards which requires determination and ability to change, as well as authenticity. Insight is as critical to the role as strong technical skills and ethical mindset. Increasingly, the ability to be fluent in the digital technologies used by businesses becoming essential.
Opportunities in Fintech
Learn more about the transformative field of Fintech and what opportunities there are for finance professionals in ACCA's latest research.
Case study for this role (AB magazine interview)
