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February 2014 » Should the Accounting Profession...
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Arthur J. Radin, CPA
The subject of mandatory audit firm rotation has been periodically discussed in the United States over the last 80 years, starting with the adoption of the Securities Acts in the early 1930s. Most recently, on August 16, 2011, the PCAOB issued Release 2011-006, “Concept Release on Auditor and Audit Firm Rotation.” Since then, the PCAOB has closed the hearings and has listed the issue on its 2014 agenda, the 10th of 12 such items. Congress rejected the concept when it passed the Sarbanes-Oxley Act (SOX) of 2002, although the law requested that the U.S. Comptroller General study a related issue: consolidation in the accounting profession. In 2013, with the passage of section 104 of the Jumpstart Our Business Startups (JOBS) Act, Congress specifically prohibited the PCAOB from requiring mandatory auditor rotation of companies covered by that law. Other countries are also considering or have adopted various forms of mandatory auditor rotation.
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