To Preserve Audit Independence, the Review Partner Must Rotate Every

question 78

True/False

To preserve audit independence, the review partner must rotate every 5 years.

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Definitions:

Trust Corpus

The principal amount or assets held in trust, as differentiated from the income generated by those assets.

Consideration

Something of value exchanged by parties in a contract that induces them to enter into the agreement.

Trustee

A legal entity or person appointed to manage and administer property or assets for the benefit of a third party.

Testamentary Trust

A trust that is created according to the instructions in a will, coming into effect upon the death of the person who created the will.