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PCAOB Hears Pros and Cons of Audit Firm Rotation

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John C. Bogle, founder and former chief executive of the Vanguard Group investment firm, said many of the previous witnesses made it sound like audit firms should never be rotated. “The current system is not working,” he said. “Maybe we should be more concerned with the proper governance at these firms,” he added. “Are audit committees equipped to do the job? I think they are not.”

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