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Dear Ken,
Could you please help to understand below statement:
ACCA suggests that the lead partner should be changed at least every 5 years and other partners at least after 7 years.
Could you please give an example of lead partner and one example of other partners?
Thanks
Gabriella
A lead partner is simply the partner in overall control of an audit and is the partner who will ultimately sign the audit report. In large audits, the lead partner might be assisted by other partners.
Dear Sir,
With self interest threat concerning employment with an audit team :
Cooling off periods are required
Subsequent to the partner ceasing to be a key audit partner the public interest entity had issued financial statments covering a period of not less than 12 months. Can you please explain this further For me? I don’t quite understand.
Thank you greatly.
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