NACD Comments on PCAOB Comment Release Regarding Mandatory Audit Firm Rotation

NACD believes that auditor independence, reinforced through the rigorous application of professional objectivity and skepticism, provides the foundation for a quality audit. Further, NACD believes that the audit committee has, and should retain responsibility for demanding and overseeing that auditors perform at a high level of quality. While auditor rotation can be beneficial at times and should periodically be evaluated by the audit committee, we do not support that this rotation be made mandatory.