Mandatory Audit Firm Rotation or MAFR for short, makes it a requirement for auditors to give up their clients under certain conditions.
MAFR became effective on 1 April 2023 – is your audit firm ready for this major shift in the audit client services industry?
MAFR looks at promoting independence, objectivity, and the need to comply with the Code of Professional Conduct binding on all auditors by mitigating the risk of familiarity or long-association with audit clients.
This session will look at the following:
- What is MAFR
- What period of consecutive audit services triggers MAFR
- How the effective date works, and if MAFR is to be back-dated (applied
retrospectively to current clients)
- Who does it apply to, i.e., which of your audit clients
- For how long do auditors need to give up audit clients
- Does MAFR apply to independent review clients too
- What overlap is there with other rotation requirements, e.g.,
o Code of Professional Conduct
o Companies Act
