DEFINITION of Accountant In Charge
An accountant in charge is the person responsible for supervising an audit. An audit is an objective examination and evaluation of the financial statements of an organization to make sure that the records are a fair and accurate representation of the transactions they claim to represent. The accountant in charge generally has final responsibility for the accuracy of the results of an audit.
BREAKING DOWN Accountant In Charge
During an audit, the accountant in charge maintains workflow by assigning tasks to accounting and clerical staff, monitors an audit's progress, recommends controls and process adjustments, enforces standards and follows legal guidelines. The accountant in charge is typically a Certified Public Accountant (CPA). Certified Public Accountant is a designation given by the American Institute of Certified Public Accountants to those who pass an exam and meet work experience requirements. In accounting consultancy firms, the accountant in charge is the point person that maintains the relationship with the client. He or she is often tasked with bringing in new business and upholding the firm's reputation by maintaining strict confidentiality with existing clients.