Point of View - Mandatory rotation of audit firms
Audit firms typically have long-term professional relationships with their audit clients. Some have suggested that such relationships may be perceived to threaten the audit firm’s objectivity and independence because of the ‘familiarity’ of the audit firm with the client.
Mandatory rotation of audit firms has been suggested by some regulators and interested parties as a response to this concern because it would not permit audit personnel to build familiarity over time with their clients.
Auditors and other interested parties who oppose mandatory audit firm rotation believe it reduces audit quality, increases the cost of audits and eliminates the choice of audit committees.
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