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May 2012 » Auditor Independence and Audit...
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Charles A. Bowsher, CPA, and Stephen M. Chipman, CPA, CA, and Robert C. Pozen, JSD, and Jack T. Ciesielski, CPA, CFA
Last year, the Public Company Accounting Oversight Board (PCAOB) issued a concept release on auditor independence and audit form rotation (Release 2011-006, August 16, 2011). The release solicited public comment on how to improve audit independence, including consideration of mandatory rotation of audit firms. On March 21 and 22, 2012, in furtherance of the goal of soliciting feedback on the issue, the PCAOB held a Public Meeting on Firm Independence and Rotation. Remarks were delivered by dozens of individuals, including several former sEC chairmen, CEOs from large international audit firms, executives and audit committee chairs from large public companies, and accounting professors, as well as representatives from the investment management and research community. A wide variety of perspectives on the question of whether auditor rotation can help ensure auditor independence and quality was presented. The following are excerpts from some of the written statements and remarks provided to the PCAOB in conjunction with the public meeting.
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