Should mandatory audit firm rotation be considered as a way of enhancing transparency and auditor independence?
That's the question at the center of a two-day public hearing being held by the PCAOB.
There's no lack of opinion on either side of the debate. Supporters and critics alike are being heard by the PCAOB, as are those who offered alternative plans.
Here are some of the opinions that have surfaced so far. If nothing else, it makes for some interesting reading:
- Written statements from panelists during Day 1 of the PCAOB hearings
- PCAOB panelists say mandatory firm rotation could be harmful, helpful (from the Journal of Accountancy)
- AICPA opposed to mandatory audit firm rotation
- Volcker backs auditor rotation (from the Wall Street Journal)
- Global accounting firms oppose U.S. term limits for auditors (from Bloomberg)
- CFOs shout down idea of mandatory auditor rotation (from CFO.com)
The debate continues with more PCAOB testimony today. Stay tuned.