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Unformatted text preview: quality review, who had served as a key audit partner for seven or
more years (that is, the audits of 2005 – 2012 [2003 -2010 in IESBA Code]), would be required to
rotate after serving for one more year as a key audit partner (that is, after completing the 2013 audit
[2011 audit in the IESBA Code]).
b. For an engagement partner or an individual responsible for the engagement quality control
review who immediately prior to assuming either of these roles served in another key audit partner
role for the client, and who, at the beginning of the first fiscal year beginning on or after December
15, 2012 (December 15, 2010 in the IESBA Code), had served as the engagement partner or
individual responsible for the engagement quality review for six or fewer years in cases where the
applicable maximum service is seven years (for four or fewer years in cases where the applicable
maximum service is five years), the rotation provisions are effective for the audits or reviews of
financial statements for years beginning on or after December 15, 2013 (December 15, 2011 in
IESBA Code). For example, in the case of an audit client with a calendar year-end and the applicable
maximum service period is seven years, a partner who has served the client in another key audit
partner for four years (that is, the audits of 2004 – 2007 [ 2002 -2005 in IESBA Code]), and
subsequently as the engagement partner for five years (that is, the audits of 2008 – 2012 [2006 –
2010 in IESBA Code]) would be required to rotate after serving for one more year as the
engagement partner (that is, after completing the 2013 [2011 in IESBA Code] audit).
8. Non-assurance Services
Paragraphs 290.156 - 290.219 address the provision of non-assurance services to an audit or review
client. If at the effective date of the Code, services are being provided to any audit or review client
and the services were permissible under the Philippine Code (2008 Revision) but are either
prohibited or subject to restrictions under the revised Code, the firm may continue providing such
services only if they were contracted for an commenced prior to January 1, 2013 (January 1, 2011 in...
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This document was uploaded on 04/03/2014.
- Spring '14