Acis

Acis

1666 K Street, NW Washington, D.C. 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8430 www.pcaobus.org

) CONCEPT RELEASE ON AUDITOR ) INDEPENDENCE AND AUDIT FIRM ) ROTATION; ) ) NOTICE OF ROUNDTABLE ) )

PCAOB Release No. 2011-006 August 16, 2011 PCAOB Rulemaking Docket Matter No. 37

Summary:

The Public Company Accounting Oversight Board ("PCAOB" or "Board") is issuing a concept release to solicit public comment on ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation, which is explored in detail in this release. However, the Board seeks advice and comment on other approaches as well. The Board will also convene a public roundtable meeting in March 2012, at which interested persons will present their views. Additional details about the roundtable will be announced at a later date.

Public Comment:

Interested persons may submit written comments to the Board. Such comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street, N.W., Washington, D.C. 20006-2803. Comments also may be submitted by e-mail to comments@pcaobus.org or through the Board's Web site at www.pcaobus.org. All comments should refer to PCAOB Rulemaking Docket Matter No. 37 in the subject or reference line. Comments should be received by the Board no later than 5:00 PM EST on December 14, 2011.

Board Contacts:

Martin F. Baumann, Chief Auditor and Director of Professional Standards (202/207-9192, baumannm@pcaobus.org), Michael Gurbutt, Associate Chief Auditor (202/591-4739, gurbuttm@pcaobus.org), and Jacob Lesser, Associate General Counsel (202/207-9284, lesserj@pcaobus.org). * * *

PCAOB Release No. 2011-006 August 16, 2011 Page 2

I.

Introduction

An audit has value to financial statement users because it is performed by a competent third party who is viewed as having no interest in the financial success of the...

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