The new cop on the auditing beat is resurrecting an old debate on whether to impose term limits on audit firms' engagements with public companies.

James Doty, named chairman of the Public Company Accounting Oversight Board in January, is using his bully pulpit to warn audit firms about what he considers serious problems with audit behavior, and to suggest ideas on what regulators might do to fix them. Although it's been considered and dismissed in the past, Doty wants to revisit the idea of mandatory rotation: limiting the number of years an audit firm can review the same company's ...