• 1 Marks

AAA – Nov 2011 – L3 – SAII – Q4 – Ethical Issues in Auditing

Definition of a retired partner retained for continuity in a firm.

A retired partner in a firm now managed by other members but retained by the members for the sake of continuity is known as a………………………..

Name Partner

Explanation:
A retired partner retained in a firm for continuity, often to maintain the firm’s name or legacy, is referred to as a “Name Partner.” This designation allows the firm to continue benefiting from the established reputation and credibility of the retired partner, even though they no longer participate actively in the firm’s management or decision-making.

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