Washington (Nov. 24, 2003) -- Mandatory firm rotation may not be the most efficient way to strengthen auditor independence and enhance audit quality, according to a report released by the General Accounting Office.

A 98-page report from the auditor general found that the benefits of auditor rotation when weighed against “additional financial costs and the loss of institutional knowledge of the public company’s previous auditor of record, are harder to predict and quantify.”

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