Under the CLERP 9 reforms governing auditors,which of the following statements are correct?
I The top 500 ASX listed companies must have an audit committee.
II Former auditors are prohibited from employment in or directorships of their former clients for a period of 2 years.
III The oversight of auditors has been strengthened by the FRC.
IV Audit partners must rotate off a company's audit after a period of 5 years.
A)I and IV;
B)I,II and III;
C)II,III and IV;
D)I,II,III and IV.

Question

Quizplus · Accepted Answer

The CLERP 9 reforms include all the mentioned provisions: mandatory audit committees for top 500 ASX companies, a 2-year prohibition on former auditors working for their clients, strengthened oversight by the FRC, and a 5-year rotation requirement for audit partners.

Under the CLERP 9 Reforms Governing Auditors,which of the Following