SEC Chief Accountant Releases Statement on the Responsibilities of Lead Auditors When Other Auditors Are Involved
SEC Chief Accountant Releases Statement on the Responsibilities of Lead
Auditors When Other Auditors Are Involved
March 20, 2023
SEC Chief Accountant Paul Munter has released a statement on the responsibilities of lead auditors when
high-quality audits involving other auditors are being conducted. Mr. Munter
observed that it is the role of the lead auditor, and especially the lead engagement
partner, “to ensure investor protections by safeguarding against engagement
performance failures due to inadequate planning, supervision, and oversight of other
auditors.” Specific topics addressed in the statement include the following:
The impact of other auditors in a global audit.
Observations related to the use of other auditors.
The importance of quality controls when using the work of other
Roles of network firms.
Independence considerations for network-member firms.