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IESBA June-July 2015 Meeting Highlights - Partner Rotation

  • IESBA (International Ethics Standards Board for Accountants) (lt gray) Image
  • Regulations Meeting Image

Jul 10, 2015

On July 10, 2015, the International Ethics Standards Board for Accountants (IESBA) released the highlights of its June 29-July 1, 2015 meeting.

The IESBA continued to refine its proposals with respect to the partner rotation provisions for key audit partners of public interest entities. Two specific items were discussed: (a) the response to continuing questions in respect of the cooling off period for the EQCR which remains at 2 years, compared to the 5 years in respect of the Engagement Partner.  Although a majority of respondents to the ED agree with the 2 year cooling off period for the EQCR, there was some discussion regarding a longer cooling off period for the EQCR of a listed entity; and (b) the response to questions as to whether the Code should recognize the existence of other safeguards established by regulators or at the country level, such as the new European Union firm and partner rotation requirements. Following a discussion, it was agreed that the Code should recognize such safeguards.

Review the highlights on the IESBA’s Web site.

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