After the auditor completes the current audit, an issue of importance for subsequent year audits is mandatory partner rotation.

Question

Quizplus · Accepted Answer

Mandatory partner rotation is required by the Sarbanes-Oxley Act for public companies and is recommended by the PCAOB for private companies. This means that audit firms must rotate lead partners every five years to promote independence and objectivity in the audit process. This issue of partner rotation will be important for subsequent year audits and will need to be addressed by the audit firm.

After the Auditor Completes the Current Audit, an Issue of Importance