Any help on this would be much appreciated, thanks.
2007-10-30 02:54:50 · 4 answers · asked by Corey B 1 in Business & Finance ➔ Corporations
It depends on the rules of your regulator. In my country, banks, unions and co-operatives have to rotate external auditors every 5 years. However every audit firm has its internal independence rules. For example, they may require the partner in charge to be rotated every 5 yrs and the mgr every 5 to 7 yrs. This is also good for their professional development as it ensures all staff to be well-rounded in terms of industry expertise.
2007-11-02 17:12:14 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
I'm confused by your question. An auditor is not usually a position of 'election' within a company. They're either employed by the company (internal auditor) or they're an outside third party performing services for the company.
2007-10-30 03:16:10 · answer #2 · answered by ♥uuɐuuǝɾ♥ 4 · 0⤊ 0⤋
I presume you mean when they are required to rotate and no longer work for that client.
It can be any length of time but best kept to less than 10 years. This mitigates long association risk.
Auditors will probably just rotate audit partners and keep their clients rather than retiring. This means the firm will not go out of business, an audit practise is just a normal business after all.
2007-10-30 08:50:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Auditor is a permanent position
2007-10-30 03:14:13 · answer #4 · answered by k 7 · 0⤊ 0⤋