Mid-tiers back auditor rotation
UK mid-tier firms have expressed support for compulsory rotation of auditors as a means of improving the battered reputation of the profession.
Mandatory rotation of auditors every seven years would help address the perception that clients were too close to auditors, the Financial Times reported today.
John Wosner, chairman of PKF, rejected arguments from the remaining Big Four firms that audit quality would suffer as a result.
Laurence Longe, national managing partner at Baker Tilly, said that restricting audit rotation to the FTSE 100 might help mid-tier firms win more business there, and address concerns over lack of choice and competition.