The Lead Audit Partner Having Primary Responsibility for an Audit

question 29

True/False

The lead audit partner having primary responsibility for an audit and the partner responsible for reviewing the audit must rotate at least every 3 years.

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Definitions:

Creditor Beneficiary

A third party that benefits from a contract made between two other parties, wherein the promisee's intention is to provide a benefit to the creditor beneficiary.

Intended Beneficiary

An individual or entity that is not a direct party to a contract but stands to benefit from its performance.

Rights

Legal, social, or ethical principles of freedom or entitlement.

Contract

A legally binding agreement between two or more parties that delineates the terms of their relationship and obligations to each other.