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Section 203 adds sub-section (j), which establishes mandatory rotation of the lead partner and the concurring partner every five years. These rules expand the number of engagement personnel covered by the rotation requirement and clarify the "time out" period.
Audit Partner Rotation he Sarbanes-Oxley Act of 2002, Section 203, requires that the lead audit or coordinating partner and the reviewing or concurring partner must rotate off the audit every five years for public companies. This Act does not apply to non-public entities.
Q: The rules for five of the prohibited services (bookkeeping, internal audit outsourcing, valuation services, actuarial services, financial information system design and implementation) allow the services to an audit client when "it is reasonable to conclude that the results of these services will not be subject to ...
The Commission's rules, primarily through Regulations S-X, address the qualifications of accountants, including the independence requirements for auditors that issue audit, attestation, and review reports that form the basis for financial statements filed with the Commission.
The rule, promulgated in 2017, obliged listed and public interest companies to appoint a new audit firm after a tenure of 10 years. IRBA issued the MAFR Rule prescribing that auditors of public interest entities (PIEs) must comply with mandatory audit firm rotation (MAFR) with effect from 1 April 2023.
A) As on the date of appointment no audit firm having a common partner or partners to the other audit firm, whose tenure has expired in a company immediately preceding financial year, shall be appointed as auditor of the same company for the period of five years.
Paragraph 290.151 provides that for public interest entities that are audit clients, the key audit partner should be rotated after having served for seven years and, upon being rotating off the engagement, shall not be a member of the engagement team or be a key audit partner for the client for two years.