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I worked on an audit engagement team for a public company client that is now offering me a job. Under the new independence standards, can I take the job?

April 26, 2017audit client COMPANY engagement Job offering public TEAM worked

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I worked on an audit engagement team for a public company client that is now offering me a job. Under the new independence standards, can I take the job?

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Nothing in the standard prevents a member from accepting employment, although there may be significant impacts on both the client and the audit firm in specified circumstances. If, within one year of the filing with a regulator of the financial statements where you were on the audit team, you accept a position with the client in a financial reporting oversight role, the audit firm may not perform an audit engagement for the client. Council Interpretation 105 discusses this further.