December 30, 2011 - 9:11am
#1
Does anyone have a policy in place where the External Auditor, or at least the Partner of the firm is rotated on a regular basis (ex. every five years, etc.)? I am getting questions from the Supervisory Committee regarding this and the only guidance out there is of course for publicly traded companies. Neither the State Regulators, or NCUA has ever said anything to us about it and we have had the same firm and lead Partner for approx. 16 years now. Any thoughts or suggestions would be appreciated!!
