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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.
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.
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.
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.
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.
External auditors encounter many business issues during their work in auditing the financial statements of a company, including matters related to its assets, people and markets. Sometimes they take time to work through into the financial data. In this Audit insights: construction report, auditors with many years’ experience of independently ...
Yes, the length of the cooling-off period does affect audit quality. Longer cooling-off periods post-rotation correlate with higher audit quality in the initial year after auditor rotation-back.
