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AFAIK, 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
by tidepod12 6y ago
AFAIK, 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.