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Tuesday, February 11, 2014

PCAOB Will Not Pursue Auditor Rotation Rule

The Public Company Accounting Oversight Board does not currently plan to pursue mandatory auditor rotation, PCAOB Chairman James Doty said at a SEC open meeting last week. The PCAOB had originally issued a concept paper in 2011, to which the vast majority of publicly held companies, including banks, expressed opposition.

The PCAOB has been examining various aspects of public company auditing, including modifications to the auditors' reports and disclosures of the names of specific individual auditors. While Doty said that PCAOB will not pursue mandatory auditor rotation in 2014, it is possible that the board will raise it again in the future.

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