In a recent survey of public companies assessing views on Sarbanes-Oxley a decade after its adoption, Protiviti also asked companies what they think of the PCAOB's recent suggestions that mandatory rotation might improve auditing. Nearly half of all survey respondents agreed that rotation would have a positive impact. Among large accelerated filers, Protiviti said 47 percent of companies were in favor of rotation, and 60 percent of nonaccelerated filers agreed with the idea as well. Even Protiviti was taken back by the numbers. “These results are somewhat surprising as it can be expensive and time consuming to change external auditors, and such an action would represent a very substantial change in the external auditor arrangements for companies,” the firm noted in its report. “Further, the limited number of global network accounting firms significantly restricts rotation options." [CW, Earlier]
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From remarks delivered yesterday by PCAOB Chair Erica Y. Williams at a virtual event hosted by Council on Institutional Investors (CII) on the 20th anniversary of Sarbanes-Oxley and the establishment of the PCAOB: When the PCAOB was first getting off the ground in 2003, it adopted existing standards that had been set by the auditing […]