Audit Partner Responsibilities

An audit partner is a professionally trained person who applies his expert knowledge of accounting and auditing to determine the financial status of the organization. Effective implementation of audit partner responsibilities will help in reflecting the transparency of the accounting transactions that were made thus helping in building the reputation of the organization.

Key Responsibilities of an Audit Partner

Audit partner is engaged in making significant decisions related to accounting, auditing and gives an overview of the financial condition of the organization. By employing such professionals the work is done speedily, and in less time by providing the relevant auditing and accounting details in clear, concise and structured format. The key responsibilities that need to be handled by him are as follows:

1. Audit partners function like marketing people who find the clients for the organization and try to retain the existing clients. They can earn new clients by attending various seminars or conferences or any auditing related meetings with the clients
2. Once the clients have been established and retained it is the duty of the audit partners to ensure that the auditing team is performing as per the clients requirements and follows the standards
3. He should make sure that the auditing functions are completed in a professional manner and on the given time. Moreover, he should ensure conformance with the standard auditing procedures
4. It is his duty for the overall management of the accounting department of the organization
5. He should be able to train and mentor the auditing staff. He makes an official introduction of his team members to the client
6. He keeps a constant check on the performance of his team members and tries to resolve the discrepancies if any

He is engaged in identifying the flaws in financial systems and suggests for changes. He gathers all the information to detect fraud, non-compliance of auditing procedures, extra expenditure, duplication of records, etc. Based on this knowledge he is engaged in the preparation of reports and make presentations whenever required. He keeps a check on the inventory and verifies the entries made in the journals and ledgers. He assesses the financial condition so as to plan future finances by reviewing the annual reports and other relevant financial information. He should guide, instruct to carry out activities related to recording, filing and maintenance of financial data. He should examine the tax records, determine the tax liabilities and ensure their compliance.

Essential Skills

An individual for this post should have a thorough knowledge of the accounting procedures. If you are really keen to take up a career as an audit partner you need to have at least some of the following essential skills:

1. Should have strong interpersonal communication skills as he will need to interact with the clients as well as the auditing team from whom he needs to get the work done. This will help in developing a trust with the client and with the internal staff members.
2. Should have an eye for detail
3. Should have an aptitude for math and should be able to resolve complex auditing issues in a timely manner
4. Should be able to maintain and update the financial records, data and information by making use of the computers
5. Should have excellent time management and organizational skills
6. Should be comfortable working under pressure for long hours in a target driven environment

Educational Qualification

In the recent times audit partners should fulfill the CPA requirements. Moreover, with relevant experience it will help in progressing faster and getting good salary packages.

Work Schedule

The daily routine does not extend beyond forty to forty five hours per week. If there are any issues, the project needs to be completed on a particular deadline, if he needs to attend the meetings or conferences the work hours may get longer and need to work during late evenings or on the weekends.

Salary Details

The salary normally commensurates with the academic qualification and the relevant work experience in a similar profile.

Career Prospects

A relevant work experience in public accounting firms combined with an advanced academic qualifications will help an individual to accelerate his promotion.

Thus, it is vital that audit partner responsibilities should be carried out effectively and efficiently for professional as well as personal growth.