An eagerly anticipated report on the auditing market from the United Kingdom’s Competition Commission found that the audit market is not serving shareholders and suggested as a possible remedy the mandatory rotation of auditing firms.
The report could play an influential role in the ongoing deliberations in the European Union and the U.S. over whether or not public companies should be required to rotate their auditing firms on a periodic basis or at least put the auditing work out for bid every few years.
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