Regulatory Alerts2008-05-12
D6/08: Auditor rotation
The South African Reserve Bank's Registrar of Banks issued Directive 6/2008 to mandate the rotation of lead and engagement partners for bank audits, aiming to enhance auditor independence. The directive requires that these partners rotate every five years and imposes a three-year cooling-off period before they can resume their roles with the same institution. This measure applies to banks and controlling companies registered in South Africa, excluding concurring and specialist partners from the rotation requirements.
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