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Definition. Cooling-off periods refer to mandated timeframes that prevent auditors from providing certain services to a client for a specified duration after having served in a significant role on an audit engagement.
It requires a one-year cooling-off period before public companies may hire former auditors from their current audit firm in senior-level accounting positions, assuming that the company wishes to retain the same audit firm.
The reviewer needs to consider whether the audit team has applied appropriate professional scepticism. A two-year cooling off period is required before an audit engagement partner can act as a reviewer for their former client.
30 Μαΐ 2022 · A cooling-off period aims to mitigate any possible self- review threat or objectivity threat that may result from previous decisions made by the auditor during his previous employment (acting as the engagement partner).
1 Αυγ 2022 · 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 to the minimum cooling-off period requirement in Australia.
Both committees would support a cooling-off period before a former engagement partner can serve as an engagement quality reviewer. However, we realize that the IAASB requires a two-year cooling-off period, so we would support a similar requirement.
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.
