Who conducts an audit?

Who conducts an audit?

• A. A qualified practitioner (independent).
• B. Management.
• C. Internal audit team.
• D. External consultant.

Answer: (A)

Audits require independence and professional qualification, so the person conducting an audit should be an independent, qualified practitioner who can provide objective assurance. Management prepares and presents the financial information, so they cannot provide an independent audit opinion. An internal audit team operates within the organization to assess internal controls for management, not to give external assurance on the financial statements. An external consultant might perform specialized tasks, but a formal audit engagement that offers external assurance is carried out by a qualified, independent practitioner.

Audits require independence and professional qualification, so the person conducting an audit should be an independent, qualified practitioner who can provide objective assurance. Management prepares and presents the financial information, so they cannot provide an independent audit opinion. An internal audit team operates within the organization to assess internal controls for management, not to give external assurance on the financial statements. An external consultant might perform specialized tasks, but a formal audit engagement that offers external assurance is carried out by a qualified, independent practitioner.