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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.
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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.
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.
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.
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.
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
17 Δεκ 2018 · 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.
