• PCAOB Issues Concept Release Soliciting Comments on Mandatory Audit Firm Rotation
  • October 18, 2011 | Authors: Stuart H. Gelfond; David B. Hardison; Paul H. Pashkoff; Vasiliki B. Tsaganos; Steven M. Witzel
  • Law Firms: Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office ; Fried, Frank, Harris, Shriver & Jacobson LLP - Washington Office ; Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office
  • The Public Company Accounting Oversight Board (the “PCAOB” or “Board”) has issued a concept release soliciting comment on whether the PCAOB should require the mandatory rotation of accounting firms that audit public companies. While the PCAOB also invited comments on other measures that might enhance auditor independence, objectivity and professional skepticism, the Release’s primary focus is to revive a public discussion of the potential advantages and disadvantages of requiring public company auditors to rotate off engagements after some period of time.