Mandatory audit firm rotation is a hot topic in contemporary accounting. In an effort to enhance auditor independence, objectivity, and professional skepticism, the PCAOB has been soliciting input from industry stakeholders since November 2011. Last week, this issue was the focus of discussions in the Congressional House Subcommittee on Capital Markets. Witnesses discussed evidence for and against the proposal. In fact, one of the expert witnesses was none other than Professor Ghosh from Baruch's accounting department.
This is an important topic that will have far-reaching implications if adopted, and of which you should be aware. It can also serve as a good point of discussion in your next accounting networking meeting. Here's a link to the article: http://www.journalofaccountancy.com/Web/20125408.htm
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Zicklin Graduate Accounting Society
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