Question: If an auditor has done our audit for 5 years already, they can only audit one more year, then need to take a break of one year before they are then allowed to audit our books for another 6 years. Is that correct?

Response: You are correct that they can only audit for one more year if the partner-in-charge or lead/coordinating audit partner having primary responsibility for the audit and the reviewing audit partner have been the same in each of the five past years and in the new year that is still to come in your existing contract.

2/04/03