House panel approves ban on mandatory auditor rotation

06/20/2013 | Reuters

A bill that would prohibit the mandatory rotation of auditors, a plan considered by the Public Company Accounting Oversight Board, received unanimous approval in the House Financial Services Committee on Wednesday. Rep. Jeb Hensarling, R-Texas, noted that boards of directors, management and shareholders should decide which accounting firms should audit a company's financial statements, not the PCAOB. The AICPA sent a letter to the House Financial Services Committee in support of this legislation.

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