6.4 Restriction on Company’s Employment of Former Audit Personnel
The SEC’s independence rules also mandate a “cooling-off” period before a member or former member
of the audit engagement team can begin working for the registrant in an accounting or financial
reporting oversight role. Accordingly, management and the audit committee need to consider
these requirements when determining whether to offer employment to a current or former partner,
principal, shareholder, or employee of the entity’s auditors.