Question: According to SOX rules that mandate auditor rotation, the lead audit partner on an engagement is prohibited from providing those services for a client for

According to SOX rules that mandate auditor rotation, the lead audit partner on an engagement is prohibited from providing those services for a client for greater than five consecutive years. The purpose of the rule is to encourage professional skepticism. Discuss the costs and benefits of auditor rotation as you see it. Do you think audit firms should be rotated periodically?

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As mandated by Section 203 of the SarbanesOxley Act the SECs independence rules now provide that an accounting firm will not be independent if either the lead audit partner or the concurring partner p... View full answer

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