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EY: The Case Against Auditor Rotation Rules
Several countries are adopting rules that limit the number of years a public accounting firm may audit a company's financial statements. EY discusses the threat to quality audits.
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Several countries are adopting rules that limit the number of years a public accounting firm may audit a company's financial statements. These so-called audit firm rotation rules are intended to maintain auditor independence and guard against overly close relationships between the auditor and management.
But EY says mandatory rotation increases costs, reduces a company's choice of audit suppliers and can undermine the ability to perform a quality audit.
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