The Legal Affairs Committee of the European Parliament voted Thursday to require public companies to change audit firms after up to 14 years, which could increase to 25 years if safeguards are put in place.
The European Commission had proposed a six-year period before audit firm rotation would be required, but a majority of the committee decided that this would be a costly and unwelcome intervention in the audit market (see Europe Proposes Splitting Audit Firms and Europe Moves toward Audit Firm Overhaul).
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