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The CFO Playbook on Accounting: What Mandatory Audit Rotation Means for CFOs

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Date: Available Now
Time: Available Now
Duration: 1 hour
Cost: Online $99.00

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Summary

About CFO Playbook
CFO Playbook is a series of educational Best Practice Webcasts, eBooks, and events providing you with practical knowledge and insights from your peers.

Almost a decade after the Government Accountability Office first studied mandatory audit-firm rotation, the idea still riles CFOs. The Public Company Accounting Oversight Board's (PCAOB) concept release on the subject last year provoked a flood of critical responses from finance executives. But new approaches to promoting auditor objectivity, and a second look at some old alternatives, just might calm everyone down.

Companies have routinely balked at mandating auditor rotation, contending that the Sarbanes-Oxley Act of 2002 has enough checks and balances in place already to allow for the accuracy and reliability of corporate disclosures. Under Sarbox, companies are required to switch the lead partner of their audit firms every five years. Rotating audit firms would be disruptive, costly, and time consuming, say critics, especially for larger companies.

This CFO Playbook Webcast will discuss:


  • What mandatory auditor rotation entails;

  • Possible alternatives to mandatory auditor rotation, such as a tenure-base approach, forced tender and others;

  • How much government intervention should be allowed; and

  • How high the learning curve is for new audit firms.


About the Panelists
Salvatore Collemi, a senior manager in the Quality Control Department at Rothstein Kass, is responsible for monitoring all U.S. and international professional standards and compliance matters for the firm's assurance practice. He also performs engagement quality reviews of attest clients, oversees the firm's internal inspection team and the independence audits of the firm's senior management.

Named by the American Institute of Certified Public Accountants (AICPA) as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and as IFRS subject matter expert, Sal reviews the training program content for the IFRS Certificate of Accomplishment Program. Prior to joining Rothstein Kass, Sal was a national associate director of auditor independence for an international accounting firm and served as a staff accountant at the SEC.

Trent Gazzaway, national managing partner of audit services at Grant Thornton, leads Grant Thornton's U.S. audit practice. His experience includes auditing public and private companies, and assisting companies in improving and evaluating internal control systems. He served previously as the firm's national managing partner of public policy and corporate governance.

Trent is one of four steering committee chairmen who led the development of the Open Compliance and Ethics Group's framework for integrating governance, risk management and compliance into business processes. Trent recently led the Committee of Sponsoring Organizations of the Treadway Commission (COSO) project team in developing guidance on effective monitoring of internal control.

About the Moderator
Kathleen Hoffelder, Senior Accounting and Tax Editor with CFO.com and CFO magazine, has more than 20 years of financial writing experience ranging from regulatory, accounting, and bank coverage to derivatives and the capital markets.

Prior to joining CFO, Hoffelder was assistant editor at Thomson Reuters' International Financing Review. She has also held editor, deputy editor and senior editor positions with various newsletters and at the Financial Times' dealReporter. She has served as a chief swaps analyst/editor for a screen-based analytical service, and worked at the American Stock Exchange. She holds a master's degree in economics from New York University and received a B.S. in communications from Boston University.