Audit Committee Brief: October 2011PCAOB explores Auditor Independence and Mandatory Audit Firm Rotation |
In August, the Public Company Accounting Oversight Board (PCAOB) issued Release No. 2011-006, Concept Release on Auditor Independence and Audit Firm Rotation. The concept release discusses “ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms.” The questions raised in the release are of fundamental importance to all participants in the financial statement process, and it is important that all interested parties take part in the discussion. As part of the concept release, the PCAOB is strongly encouraging audit committee members, members of financial management, and other financial statement users to comment on this concept release because of its potentially wide-ranging impact on issuers and auditors. The comment period is open until December 14, 2011.
Audit Committee Brief: October 2011
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