Audit Firm Rotation: Maybe Make A Switch When The Government Takes Over

Mandatory audit firm rotation was an old tune sung again by the Public Company Accounting Oversight Board, the audit industry regulator, beginning in August of 2011. The regulator?s chorus ? too-long audit firm tenure breeds a lack of professional skepticism and inhibits auditor independence - almost always fell on deaf ears. Audit firms and their paying clients ? company executives and boards ? vehemently opposed the regulator's "concept release". Institutional and retail investors never steppe...