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Rotation questioned

19 May 2009

The UK's audit watchdog, the Auditing Practices Board, has come under fire for suggesting partners should be allowed to oversee large company audits for seven years.

The UK's audit watchdog, the Auditing Practices Board, has come under fire for suggesting partners should be allowed to oversee large company audits for seven years.
A leading shareholder group, Pirc, believes the increase from five to seven years would undermine accountants' independence. Pirc's David Ellis said such a move would be a backwards step. In fact he said the whole firm should be rotated every five years along with the partner. A copy of the consultation paper may be downloaded free of charge from the Exposure drafts page in the publications section of the APB's website: www.frc.org.uk/apb

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