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US Congress to vote on banning mandatory audit rotation

The US House of Representatives is to vote today on the bill H.R.1564: The Audit Integrity and Job Protection Act.

If enacted, the bill will amend the Sarbanes-Oxley Act of 2002 as to prevent the US Public Company Accounting Oversight Board (PCAOB) from implementing mandatory audit rotation.

The bill was introduced by congressman Robert Hurt after the PCAOB launched in August 2011 a concept release seeking comment on mandatory audit firm rotation as an option to improve audit quality.

In June the House Committee on Financial Services voted unanimously in favour of the bill. The vote is scheduled for 6.30 pm EDT.

Related link

PCAOB: Concept release on auditor independence and audit firm rotation

H.R.1564: The Audit Integrity and Job Protection Act

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