Originally Posted by Unregistered

holy flying fk. is this the quality of auditors nowadays? How is what you listed risks? Missing the deadline is an negative OUTCOME, of course you get penalised. and not even sure what is the relevance of listing your duty here, this reminds me when i was M and i give RP and the senior give me garbage.

A risk is something that can be MITIGATED / AVOIDED. You already gave the outcome??? And a risk related to an activity that can give a reward (thats why theres risk vs reward?) missing a deadline has no ****ing reward its a fking outcome not a risk. use your ****ing brain.

Let me enlighten the people in this thread who may have been confused after this retard response. OP mentioned senior got no risk, partner bear risk. This risk is probably referring to the risk related to delivering a good FS (free from material misstatement). Reward is obvious here, partners earn north of 250k / annum to something like 1 or 2 bucks even for the more senior guys.

What type of risks are there many, operational risk, reputational risk, etc.

Does any of this cascade down to the senior? no because the partner is the final reviewer and all responsibility lies with him/her, which is why they are supposedly compensated so high.

The only risks the senior faces is the risk of not meeting his or her own individual KPI for promotion.