Final answer:
The responsibility for possessing the appropriate competence and capabilities to perform an audit lies with the auditor themselves, which is categorized under 'Responsibilities' in audit principles. Professional competence is a fundamental principle of auditing ethics. Supervisors and regulatory bodies set expectations for auditors to ensure audits are performed competently.
Step-by-step explanation:
The question pertains to the responsibilities of an auditor during an audit. The appropriate competence and capabilities to perform an audit is the responsibility of the auditor themselves. This is encapsulated within one of the fundamental principles of professional ethics in auditing, which relates to professional competence and due care. Auditors are expected to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation, and techniques. This concept falls under the broad category of Responsibilities in the context of audit principles.
Knowing that you are responsible for a particular process and/or outcomes is critical in many professional settings, including auditing. Whether explicit or inferred, this responsibility implies that there is an expectation to perform duties competently. Supervisors and regulatory bodies typically set these expectations to ensure the integrity and reliability of an audit
Performance in audit refers to the actual carrying out of the audit work in accordance with standards and applies to how auditors conduct their work. Although performance is informed by an auditor's capabilities, it is the responsibility of the auditor to possess the requisite competence. Reporting principles involve the manner in which the audit findings are communicated, but do not directly pertain to the auditor's own competence.