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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Here’s a nice little Friday news dump for y’all to hand-wring over as we head into the weekend: Securities and Exchange Commission Chairman Gary Gensler has fired the U.S.’s top accounting regulator, a move that is certain to please investor advocates and progressives who had demanded an overhaul of the watchdog. The SEC announced the […]
[Updated with corrected version of net audit fees won table from Audit Analytics.] With the first quarter of 2021 already in the books, it’s time once again to look at the winners and losers among the top 12 global and national accounting firms that participated in the first round of auditor musical chairs for 2021. […]