August 17, 2011
Jeffrey Weiner, Managing Partner, Featured in Accounting Today Article "Marcum Concerned Over Mandatory Auditor Rotation"
By Michael Cohn
In the article, Mr. Weiner says “There are not many PCAOB-registered audit firms qualified to meet the unique needs and partner-level attention required by America’s mid- and large-cap companies. Mandating ‘term limits’ for audit firms will lead to higher upfront costs for companies due to the time required to screen new firms as well as for the firm selected to get up to speed with a company’s operations/financial systems and to create new audit files.”
Additionally, Mr. Weiner says “Marcum believes that any effort at mandating audit firm rotation should undergo a thorough cost-benefit analysis weighing the benefits of perceived greater independence and objectivity against the costs of switching.”