Legal experts questioned whether a proposal to require that companies switch to a new outside audit firm regularly would curb fraud, according to a Reuters story. At a meeting yesterday to discuss the Public Company Accounting Oversight Board's proposal on mandatory auditor rotation, Conrad Hewitt, former SEC chief accountant, suggested bolstering the audit committees of corporate boards instead. Former SEC chairman Harold Williams said he wasn't optimistic mandatory rotation would work, but argued that it might encourage mid-level audit firms to compete for bigger clients.
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