I have got two questions regarding the ethical risk and would appreciate if you could advice me on the following:
1) Can you please confirm to me that both engagement team and engagement team partner need to rotate after 7 years for both public and private companies? I seem to remember to have read 5 years somewhere but kaplan stated 7 years and therefore I am bit confused on which is the right length of time to be considered.
2) what an audit firm should do if its current client doesn’t give its consent to audit a competitor of that client to the audit firm? If that happens, does the audit firm need to decide which company audit between the two firms?