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Hello dear tutor
I have a question about FIRM ROTATION ana AUDITORS ROTATION:
1-according to new ARTICLE is it necessary to rotate firm after 10 years(it is said in the article: there is now a requirement for FTSE 350 companies to put the external audit out to tender every 10 years)?does the current firm allowed to participate in tendering after 10 years?
2-I remember from F8 that the audit lead partner should be rotated after 5 years and other audit member should be rotated after 7 years(for a period of 2 years)….
But in P7 it is said that key audit partner should be rotated after 7 years(for a period of 2 years)…Which one is correct?
Who are the key audit partner?(are they they the same as audit lead partners?)Thanks alot
There’s a good article from the Deloitte Academy on this very subject – complete with time-line showing effective dates and potential lengths of service
Read this and then come back to me if you need to – it’s too long for me to start thinking about writing it out, or even summarising it!
Thank you…..
I have studied that article but it was about firm rotation(my first question)only….it was a useful article for my first question…So would you please advise me on my second question(ie auditor rotation period)?
Thank you again
Here’s a link for individual partner rotation though I believe that paragraph 1 answers your question
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