Rotation of auditors: incoming auditors must be independent of outgoing audit networks and be proposed before term expiry for member approval. The audit committee, where constituted, must evaluate proposed auditors' qualifications, experience and any disciplinary or legal proceedings and recommend individuals or firms to the Board; the Board may accept or return recommendations with reasons and must present its recommendation to members if disagreement persists. Members appoint auditors at the annual general meeting for a fixed multi year term subject to annual ratification. Rotation rules prevent incoming auditors associated with outgoing auditors under the same network or brand, require consideration of prior service for tenure calculations, and provide for staggered rotation of joint auditors.
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Rotation of auditors: incoming auditors must be independent of outgoing audit networks and be proposed before term expiry for member approval.
The audit committee, where constituted, must evaluate proposed auditors' qualifications, experience and any disciplinary or legal proceedings and recommend individuals or firms to the Board; the Board may accept or return recommendations with reasons and must present its recommendation to members if disagreement persists. Members appoint auditors at the annual general meeting for a fixed multi year term subject to annual ratification. Rotation rules prevent incoming auditors associated with outgoing auditors under the same network or brand, require consideration of prior service for tenure calculations, and provide for staggered rotation of joint auditors.
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