Student Learning Outcome for this Project. Incorporate the ethical dimensions in business decision-making<. Project Title: Auditing firm rotation and enhancing independence. Making it mandatory for audit firms to rotate is one of the measures regulators around the world are looking with the intention of improving the independence, objectivity and professional skepticism of auditors. While the Big 4 audit firms agree these attributes are at the heart of the audit profession, they believe that mandatory audit firm rotation is likely to reduce – not improve – the quality of audits and the reliability of financial reporting. Not only would such measures add cost and complexity of audits, they believe the practice of audit firm rotation would undermine some of the recent reforms that have improved audit quality. Much research has been carried out to outline why it may be believed that mandatory audit firm rotation will put audit quality at significant unnecessary risk and undermine the reliability of financial reporting for any company. Thus, many argue that there are more effective ways to reinforce auditor independence, objectivity, and professionalism. Discuss the above statement and evaluate the suggestions provided for and against the mandatory audit firm rotation in reducing threats to auditor independence. In your report, you should be able to.
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