Accountant in charge definition
/What is an Accountant in Charge?
An accountant in charge is the manager of an audit. An audit is the examination of an entity's accounting records, as well as the physical inspection of its assets. An accountant in charge has the following responsibilities:
Assign tasks to the audit staff
Monitor the progress of the audit work
Adjust workloads to complete the audit on time
Review the findings of the team and its working papers
Act as the main interface between the client and the audit team on a day-to-day basis
Identify and mitigate potential risks associated with the engagement
Ultimately, the accountant in charge is responsible for the outcome of an audit.
Job Requirements for an Accountant in Charge
A common requirement is for the accountant in charge to be a certified public accountant.
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FAQs
How Does the Accountant in Charge Differ from the Audit Partner?
The Accountant in Charge manages the day-to-day audit operations, supervises fieldwork, and ensures that procedures are properly executed by the audit team. In contrast, the audit partner holds ultimate responsibility for the engagement, reviews key findings, and signs the audit report. While the accountant in charge focuses on execution, the partner focuses on oversight, client relations, and overall audit quality.