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New Bill Bans Mandatory Auditor Requirements

On June 19, the House Financial Services Committee passed the Audit Integrity and Job Protection Act with a 52-0 vote. This Act would ban the Public Company Accounting Oversight Board from requiring (i) an issuer to use a specific auditor or (ii) mandatory auditor rotation. The legislation was in response to the PCAOB’s August 2011 Concept Release on Auditor Independence and Audit Firm Rotation that requested comment on whether the PCAOB should require mandatory auditor rotation to enhance auditor independence. Click here to view the Committee’s Markup Memo.