Companies Act 2014 section 1546

Rotation of key audit partner in cases of public-interest entities

Section 1546 requires the key audit partner responsible for the statutory audit of a public-interest entity to rotate off the engagement after a maximum period of five years.

• Applies specifically to statutory audits of public-interest entities
• The key audit partner must cease participation in the audit no later than five years after their initial appointment
• The five-year period runs from the date of the partner's first appointment to carry out the audit
• The requirement is designed to safeguard auditor independence and objectivity over time