Well, that’s one way to do a cost-benefit analysis.
For CFOs, corporate controllers, audit firm partners, and other financial reporting executives everywhere, the news out of Washington last week was the House of Representatives’ vote to bar the Public Company Accounting Oversight Board from even considering the idea of requiring companies to rotate audit firms. The bill, HR 1564, the Audit Integrity and Job Protection Act, passed on an easy 321-62 bipartisan vote. It was the most effective attempt yet by Republicans to clip the wings of the agency conservatives have loved to hate since the PCAOB was created by the Sarbanes-Oxley Act in 2003.
