Rotate off period

This topic has 4 replies, 2 voices, and was last updated 9 years ago by saajan.

Viewing 5 posts - 1 through 5 (of 5 total)

Author
Posts
June 1, 2016 at 5:15 pm #318694
saajan
Member
- Topics: 12
- Replies: 76
Sir, The audit engagement partner should be rotated after 5 years or 7 years?
June 1, 2016 at 7:15 pm #318716
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10650
Now 5 years for auditors of listed companies.
June 1, 2016 at 7:20 pm #318717
saajan
Member
- Topics: 12
- Replies: 76
& for unlisted companies?
June 1, 2016 at 8:25 pm #318726
Ken Garrett
Keymaster
- Topics: 10
- Replies: 10650
Sorry, it is seven for a public interest entity (per IESBA Handbook 290.149). No mention of a maximum time for non-public interest.
The 5 years comes form the UK Audit Practices Board Ethical Standard 3; the APB suggests care is needed for other clients after 10 years.
I would stick to 7 years and IESBA – simpler and more relevant to the single-stream F8 paper
June 2, 2016 at 5:31 am #318776
saajan
Member
- Topics: 12
- Replies: 76
Thanks & the partner should be rotated off for atleast two years then again can join the same client?
Author
Posts

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic.