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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Someone lit a fire under the asses of those who work in the PCAOB enforcement division because they issued seven disciplinary orders to audit firms and accountants from Sept. 22 to Sept. 30. One of those firms was Deloitte Canada. Compliance Week reported: The Public Company Accounting Oversight Board (PCAOB) on Wednesday [Sept. 29] imposed […]
The auditor round-and-round continued in the second quarter of 2021, with everyone’s favorite public accounting firm with a Lettuce Entertain You restaurant sounding name, BF Borgers, netting nine new SEC clients, the most of any audit firm, according to the Q2 auditor changes roundup from Audit Analytics. And as Accounting Today noted in its post […]