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We understand the need for a “cooling off” period for serving as EQR partner. However, the two-year requirement may be burdensome for smaller firms. If the “cooling off” period is retained, we would highly recommend a one-year period. that operate under all three sets of standards.
Integrated within MPR requirements, minimum cooling-off periods regulate audit quality at the time of a rotation-back. Within the context of a proposed extension to the minimum cooling-off period, we examine the association between the length of the cooling-off period and audit quality.
1 Οκτ 2021 · This paper examines the association between the length of the cooling-off period and audit quality: (1) when partners rotate back and (2) during the cooling-off period, ahead of an extension...
Cooling-off period A 4-year ‘cooling-off’ period starts after the maximum duration of the engagement expires. During this time, the statutory auditor, audit firm or any member of their network shall not undertake the statutory audit of the same company. In addition, the Regulation requires key audit
cooling-off periods for EQ reviews provided that they are inspected at least once every three years (PCAOB Release 2009-004, AS 7 -Engagement Quality Review ). At its October ASB meeting, the ASB considered the following three options:
A two-year cooling off period is required before an audit engagement partner can act as a reviewer for their former client. The reviewer must be competent and capable of performing the role including understanding the legal and professional framework, firm policies relevant to the engagement and have an appropriate knowledge of the client industry.
1 Απρ 2010 · A cooling-off period is the time period of disassociation of these audit professionals from the audit of the specific client or from the audit firm before accepting employment with the audit client. 1 A cooling-off period is considered by this study as a safeguard to mitigate or eliminate the threat of reduced independence between the audit ...
