Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 20 JUNE 2013

House Panel Approves Ban on Mandatory Auditor Rotation

WilmerHale
WilmerHale
Contributor
WilmerHale

WilmerHale

WilmerHale's London office was established more than 40 years ago. With lawyers qualified in the...

View firm profile
Explore more from WilmerHale

The House Financial Services Committee has approved a bill that would prohibit the Public Company Accounting Oversight Board from imposing mandatory auditor rotation.

United StatesAccounting and Audit
Thomas W. White
Thomas W. White
Author LinkedIn connections

Originally published June 20, 2013

The House Financial Services Committee has approved a bill that would prohibit the Public Company Accounting Oversight Board from imposing mandatory auditor rotation. The bill, which passed with bi-partisan support, provides that the PCAOB shall have no authority "to require that audits conducted for a particular issuer in accordance with the standards set forth under this section be conducted by specific auditors, or that such audits be conducted for an issuer by different auditors on a rotating basis." As with all proposed legislation, it is, at best, uncertain whether this bill will become law. But it does send something of a signal to the PCAOB.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Staff Statement On Fair Value Measurement And Disclosure Considerations For Private Assets

The SEC Staff has issued new guidance addressing fair value measurement and disclosure practices for private credit and other illiquid assets held by registered funds and business development companies. As private credit portfolios have grown nearly 60% since 2020, reaching $270 billion, regulators emphasize the critical importance of robust valuation methodologies, transparent disclosure of significant judgments, and careful application of accounting standards when market prices are unavailable.
United StatesAccounting and Audit
Mayer Brown
Mayer Brown
Article

CAS Board Raises Contract Thresholds To $35 Million And Eliminates CAS 407: What Federal Contractors Need To Know As DoW Demands Cost And Pricing Transparency

The CAS Board has raised contract thresholds to $35 million and eliminated CAS 407, fundamentally changing cost accounting requirements for federal contractors. At the same time, the Department of War is demanding unprecedented cost and pricing transparency through new memoranda requiring actual cost information for negotiations valued at $10 million or more, creating a complex landscape where contractors face fewer formal CAS requirements but heightened scrutiny of their pricing data.
United StatesAccounting and Audit
Bass, Berry & Sims PLC
Bass, Berry & Sims PLC
Article

2026 GAAP Changes: What Your Finance Team Should Address Before Year-End

Finance teams face critical implementation challenges as new GAAP amendments take effect for 2026, requiring immediate attention to accounting policies, documentation standards, and system readiness. Are your financial reporting processes prepared to handle expanded disclosure requirements, CECL practical expedients, and internal-use software accounting changes before year-end audit fieldwork begins?
United StatesAccounting and Audit
MGO CPA LLP
MGO CPA LLP
Article

How OIG Used Data Analytics And Extrapolation In A $12.4 Million Hospital Audit

An HHS Office of Inspector General audit of Methodist Hospital in San Antonio reveals how a review of just 100 claims led to a $12.4 million overpayment recommendation through statistical extrapolation. The audit targeted specific high-risk billing areas including Inpatient Rehabilitation Facility claims, certain diagnosis-related groups, and outpatient billing patterns, uncovering documentation and coding compliance issues that hospital leadership should examine within their own Medicare claims.
United StatesAccounting and Audit
Butler Snow LLP
Butler Snow LLP
Article

SEC Announces Dedicated Financial Reporting And Accounting Unit Within Enforcement Division: Implications For Audit Committees, Boards And Public Companies

The SEC has established a new Financial Reporting and Accounting Unit within its Division of Enforcement, consolidating nationwide resources to investigate public company accounting and financial reporting issues. This organizational shift signals heightened scrutiny of complex accounting matters, non-GAAP measures, and disclosure practices.
United StatesAccounting and Audit
Skadden Arps Slate Meagher & Flom
Skadden Arps Slate Meagher & Flom
Article

PTAB/USPTO Update - October 2026

The USPTO has released new templates and guidance for AIA trial proceedings, announced key appointments including a Chief AI Officer, and published updated procedures for patent applications and subject matter eligibility declarations. Director Squires delivered multiple addresses emphasizing the constitutional importance of intellectual property rights while the agency expanded its community engagement efforts and international collaboration through WIPO's Global IP Assignment Platform pilot program.
United StatesIntellectual Property
WilmerHale
WilmerHale
Article

SEC Approves FINRA’s New “Outside Activities” Rule

The Securities and Exchange Commission has approved FINRA Rule 3290, which will replace existing rules governing outside business activities and private securities transactions for registered persons. This new rule narrows the scope to focus on investment-related activities while maintaining similar supervisory obligations for member firms. Understanding the key changes and implementation requirements will be critical for broker-dealers as they update their compliance policies and procedures.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

SEC 2027 Exam Priorities: Familiar Priorities, Evolving Markets

The SEC Division of Examinations has released its fiscal year 2027 examination priorities, signaling continued focus on investment adviser fiduciary obligations, broker-dealer financial responsibility, and Regulation Best Interest while adapting to evolving market practices. Private credit, artificial intelligence governance, and retail investor protection emerge as prominent areas of scrutiny, with examiners expected to probe valuation practices, conflicts of interest, and technology controls across regula
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

PTAB/USPTO Update - September 2026

The USPTO has released its latest economic impact report on IP-intensive industries, announced a new community engagement office in North Carolina, and issued several administrative updates including relief for Japanese applicants affected by a severe earthquake. The Patent Trial and Appeal Board has also designated new precedential and informative decisions addressing obviousness-type double patenting and Markush groupings.
United StatesIntellectual Property
WilmerHale
WilmerHale
Article

The SEC’s Transfer Agent Modernization Proposal: Implications For Onchain Recordkeeping

The SEC has proposed a comprehensive overhaul of transfer agent regulations that would formally recognize distributed ledger technology and blockchain-based recordkeeping systems within the existing regulatory framework. This modernization effort imposes enhanced operational, safeguarding, and compliance obligations while establishing technology-neutral standards that could significantly impact tokenization initiatives and digital asset market infrastructure.
United StatesFinance and Banking
WilmerHale
WilmerHale
Article

Washington Attorney General Publishes First Data Privacy Report

Washington Attorney General Nick Brown released the state's first Data Privacy Report, examining how the modern data economy incentivizes personal information collection and retention. The report catalogs resulting harms and recommends that lawmakers strengthen privacy protections, enforcement, and public education while highlighting Washington's continued lack of a comprehensive consumer privacy statute despite inspiring other states' privacy laws.
United StatesPrivacy
WilmerHale
WilmerHale
Article

Climate Disclosure Update: California Issues Updated Regulations And Guidance For GHG Emissions Reporting

California's Air Resources Board has released significant modifications to its greenhouse gas emissions reporting regulation, deferring the first reporting deadline to November 10, 2026, and clarifying key requirements for companies doing business in California with over $1 billion in annual revenue. The updates provide additional flexibility for 2026 reporting while enforcement of the Climate-Related Financial Risk Act remains paused pending federal litigation.
United StatesEnvironment
WilmerHale
WilmerHale