State Board Report
The Audit Integrity and Job Protection Act (H.R. 1564) passed 321 to 62 on July 8. This bill would prevent the Public Company Accounting Oversight Board from requiring public companies to use specific auditors or require the rotating of auditors.
The United Kingdom’s Competition Commission on July 22 released a provisional decision recommending that companies put their auditing work out for bid every five years, but did not propose mandatory switching of auditors, which had been under consideration. UK Audit Market Investigation Group Chairman Laura Carstensen commented: “We do not see a competition problem with audit firms retaining business if they do a good job – but they will have to demonstrate that on a regular basis.”
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