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individuals cannot act as key audit partners for more than 7 years before being rotated off the audit for minimum of 2 years….what doz this mean?
It means that in order to deal with potential familiarity threats to an auditors independence once a key audit partner has acted in this role for a client for seven years they must not then return to that engagement for at least two years.In other words take at least a two year break from the client.
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