PCAOB Floats Possibility Of Mandatory Audit Firm Rotation
Mondaq Business Briefing › United States Law Articles in English (2011)
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PCAOB Floats Possibility Of Mandatory Audit Firm Rotation
On August 16, 2011, the Public Company Accounting Oversight Board (PCAOB) issued a concept release (the Release) airing concerns with auditor independence, objectivity and professional skepticism and raising the possibility of requiring mandatory audit firm rotation as a means to redress, at least partially, a perceived cause of their auditor independence concerns. The PCAOB seeks the public's comments on those concerns, the advisability of making audit firm rotation mandatory and alternative means to address its concerns. Public companies and their audit committees may want to comment to the PCAOB on whether mandatory audit firm rotation is needed or even prudent and what alternatives to rotation wou...
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