In today's highly regulated business environment, maintaining auditor independence and upholding audit quality are essential components of a successful and reputable audit practice. This engaging 2-hour webinar will delve into the critical aspects of long association of personnel with an audit client and partner rotation, providing participants with valuable insights and practical guidance on managing these important areas.
Participants will explore the relevant regulatory and professional standards that govern auditor independence, with a focus on South African requirements. The webinar will discuss the risks associated with long association and the safeguards that can be employed to mitigate these risks. The session will also cover the key aspects of partner rotation, from regulatory requirements to best practices for ensuring a smooth transition.
The webinar will include real-world case studies, highlighting the challenges and successes experienced in managing long association and partner rotation. Moreover, attendees will learn about the essential role of monitoring and compliance in maintaining audit quality and independence.
This session will cover the following
Introduction
Overview of the webinar
• Importance of addressing long association and partner rotation in the context of auditor independence and audit quality
• Regulatory and Professional Standards
• International Ethics Standards Board for Accountants (IESBA) Code of Ethics
• International Standards on Auditing (ISA) requirements
• South African regulatory requirements and professional standards on auditor independence and rotation
• Long Association of Personnel
• Definition and implications of long association
• Risks to auditor independence and objectivity
• Safeguards and strategies to mitigate risks
• Case studies: real-world examples of long association issues
• Partner Rotation
• Regulatory requirements for audit partner rotation
• Benefits and challenges of partner rotation
• Key considerations in the rotation process
• Best practices for a smooth transition
• Monitoring and Compliance
• Firm-level policies and procedures
• Quality control and assurance processes
• Role of audit committees and governance structures
• Consequences of non-compliance with rotation requirements
• Conclusion and Q&A
• Recap of key points
• Open discussion and addressing participant questions
• Resources for further learning