PCAOB reopens comment period on auditor rotation

Jun 28, 2012

It’s like a bad penny that just keeps coming back. The PCAOB has reopened the comment period on its concept release regarding mandatory auditor rotation ahead of yet another public hearing in San Francisco on June 28. Comments are again welcome until July 28 on the concept release originally issued last August. This is the third time a comment period has been open.

Panelists at this week’s meeting include investors, representatives of major organizations, and other interested parties based primarily on the West Coast or in Asia.

The PCAOB’s first public meeting on auditor independence and audit firm rotation was held in March. A webcast and transcript can be found on the PCAOB website. 

That public meeting was followed by a Congressional hearing that threatened legislative action to block the PCAOB from mandating auditor rotation.

OSCPA COO Laura Hay, CPA, CAE wrote an article last November outlining the concerns OSCPA members and committees had regarding mandatory auditor rotation. 

Tune in this Friday from 2 to 4 p.m. to hear OSCPA’s President & CEO Clarke Price, CAE address the issues surrounding changes in the audit profession, including the issue of mandatory auditor rotation. The NEW CPA Issues Forum Video Webcast is exclusively for OSCPA members and offers two hours of FREE CPE.