Question: Discuss the pros and cons of rotating the audit partners
Discuss the pros and cons of rotating the audit partners every five years. What factors are involved in changing audit partners? Does this provision require changing audit firms or solely the personnel involved? Are there any ways to minimize the costs when changing audit partners? Should these rules apply only to companies that have had problems with their past audits? Review the auditing standards that require communication between past and current auditors. Do these requirements solve any of the problems you have identified?
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