PCAOB Public Meeting Will Discuss Auditor Independence, Firm Rotation

The Public Company Accounting Oversight Board announced yesterday that it would hold a two-day public meeting in March to receive input on auditor independence and audit firm rotation.

The PCAOB issued in August a concept release soliciting public comment on “ways that auditor independence, objectivity and professional skepticism can be enhanced, including through mandatory rotation of audit firms,” and received more than 600 comment letters before the comment period closed on Dec. 14, including one from the NYSSCPA which does not support the board’s proposal to implement mandatory audit firm rotation.

In yesterday’s news release, PCAOB Chairman James R. Doty said the meeting is intended “to further explore” the issues that were raised by the comment letters.

The meeting will be held Wednesday and Thursday, March 21 to 22, at 1201 15th Street N.W., Washington, D.C., and will be available via webcast on pcaobus.org, according to a news release. The meeting will include panel discussions featuring investors and investor advocates, senior executives and audit committee chairs of major corporations, CEOs of audit firms, academics and “other interested parties,” who will present their views on the concept release and address follow-up questions by the board, the release said. Additional details will be released closer to the meeting date.