Earlier today, the PCAOB voted to issue a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms. Comments are due Dec. 14, 2011. The action was expected, as noted here.
In related news, the PCAOB announced that a public roundtable on auditor independence and mandatory audit firm rotation will be held in March 2012.
Additional details and related reading can be found in:
*** We will insert a link to the Concept Release here, when it is posted by the PCAOB.
PCAOB’s press release
Chairman Jim Doty’s Statement
Board Member Dan Goelzer’s Statement
Board Member Jay Hanson’s Statement
Board Member Lew Ferguson’s Statement
Dear Auditors: My Response to Your Request for Comments, Francine McKenna, author of blog, Re: The Auditors
A Prescription For What Ails Large-Company Audit: Real Medicine, For A Change, Jim Peterson, author of the blog: Re:Balance.