Business Groups Blast PCAOB Auditor Rotation Proposal

Law360, New York (April 23, 2012, 1:52 PM EDT) -- The U.S. Chamber of Commerce and a number of other business groups on Thursday told the Public Company Accounting Oversight Board that its proposal for mandatory auditor rotation was fundamentally flawed and should not move forward.

In a letter to the PCAOB, the business groups, including the American Insurance Association and the National Association of Home Builders, as well as United Healthcare and Viacom Inc., said they were troubled by the PCAOB’s failure to demonstrate the proposal’s benefits or to overcome previous rejections of the idea....
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