The Public Company Accounting Oversight Board issued a concept release on auditor independence and mandatory firm rotation this summer. The release seeks public comment on ways to enhance the independence, objectivity, and professional skepticism of external auditors, with a focus on mandatory audit firm rotation by Securities and Exchange Commission registrants. While the concept release is only the initial stage toward possible rulemaking in this area, auditor rotation is a very important subject that could have a significant effect on the cost and quality of audit services and on the relationship between public companies, audit committees and boards, and external ...