New rules mean companies will have to put their audits out to tender more frequently. Veteran accountancy commentator Caroline Biebuyck offers five need-to-know issues before changing your auditor.
Audit appointments seemed to be forever—at least for audit firms, some of whom have had mandates spanning decades. But all this has changed since the EU audit reform package took effect.
Under rules brought in last year, European listed companies have to rotate their auditors every ten years, with the option of retaining the same firm for 20 years provided there was a tender halfway through.
What should boards be thinking about when putting an audit out to tender to get the best result for their companies?
1. Set objectives and consult shareh
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