What are the rotation requirements for the “relationship” partner who is not the “lead” or “concurring” partner?
As discussed in question 1, the “relationship” partner meets the definition of an “audit partner” and, therefore, is subject to the partner rotation requirements. “Lead” and “concurring” partners are required to rotate off an engagement after a maximum of five years in either capacity1 and, upon rotation, must be off the engagement for five years. Other “audit partners” are subject to rotation after seven years on the engagement and must be off the engagement for two years. A “relationship” partner who is not the “lead” or “concurring” partner would, therefore, be subject to the seven years of service, two years time out rotation requirement.
Related Questions
- Does the five year rotation of the lead audit partner apply to the period prior to the effective date of the Act?
- What are the rotation requirements for the "relationship" partner who is not the "lead" or "concurring" partner?
- Do the Audit Partner Rotation Requirements Apply to Small Accounting Firms?
