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what is diff between audit manager vs audit partner vs engagement partner?
also which of the above does rotation after 7 years and return after 2 yrs relate to?
thnx‘Engagement partner’ means the partner or other person in the firm who is responsible for the engagement and its performance, and for the report that is issued on behalf of the firm. Should rotated no less often than every 5 years.
Other audit partners ‘help’ the engagement partner in large audits (max 7 year rotation).
Audit managers are not partners. No specific rules except that all firms should monitor employee/client relationships and rotate as necessary to ensure independence.
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