The audit report is signed by the engagement partner.Group of answer choicesTrueFalse

The statement "The audit report is signed by the engagement partner" is True.

Explanation:

In the context of an audit, the engagement partner is the individual responsible for the conduct of the audit. This partner typically holds a key leadership role within the audit firm and oversees the entire audit process, ensuring compliance with relevant regulations and standards.

Upon successful completion of the audit, it is the engagement partner's duty to sign the audit report, signifying that they have reviewed the work conducted and are taking responsibility for the conclusions presented. This signature holds significant weight as it reflects the credibility and authority of the report, indicating that the audit has been performed in accordance with applicable guidelines. Furthermore, the engagement partner's signature is essential for maintaining transparency and accountability in the auditing process, reinforcing the trust placed in the report by stakeholders, such as investors and regulatory bodies.