- November 23, 2021 at 4:52 am #641349Noah098Member
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Partners joining listed clients as a director or employee in a position to exert influence over the financial statements- safeguards:
“-Independence is compromised unless, subsequent to the partner ceasing to be a key audit partner or senior partner, the client had issued audited financial statements covering a period of not less than 12 months, and the partner was not a member of the audit team with respect to the audit of those financial statements. [R524.6]
-If a senior or managing partner of the firm joins a listed audit client, independence is compromised unless twelve months have passed since the individual was the senior or managing partner. ”
maam am one safeguard makes refrence to FSs and other makes no such refrence. I mean if safeguard 2 is implemented then 1 should not be needed? I find them contrasting.November 23, 2021 at 8:17 am #641358Kim SmithKeymaster
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The first relates to a partner/senior member of the audit team – the 2nd is some other partner/senior member of the firm (not involved in the auditor).
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