4 ms·
Is this a similar type of standard Professional Engineers are held to? I'm sure they don't, e.g. design every member of a bridge and do the stress calculations
by hyperdimension 6y ago
Is this a similar type of standard Professional Engineers are held to? I'm sure they don't, e.g. design every member of a bridge and do the stress calculations by themselves, but when it comes time to certify the design, the PE (and the PE alone, if I understand the way it works correctly, regardless of how many people worked on the drafts) is the one upon whom the entirety of the blame lies should the bridge collapse.
- tidepod12 6y agoAFAIK, yes. Other people on the project/audit can be held responsible too if they contributed negligently, but the partner who oversaw the project is ultimately accountable for the work. That partner is also who the PCAOB/SEC would fine and/or suspend their accounting certification.
- FuckButtons 6y agoThis is correct, the firm will usually have internal fines for partners with inspection failures / comments. There is significant individual liability for an audit partner.