So a survey finds that the vast majority of senior finance staff actually do support mandatory auditor rotation after all...

MANDATORY AUDITOR ROTATION is supported by almost nine-in-ten (87%) finance executives, and the group is calling for a shorter rotation period than the European Commission's porposed nine years.

The survey by recruitment specialist Robert Half questioned 200 chief financial officers and finance directors.

Almost half (49%) plumped for a new auditor at least every four years, while 82% called for rotation on a three-yearly basis.

This flies in the face of feedback from the 100 Group, made up of FTSE-leader FDs, who said mandatory rotation and other proposals "show a fundamental misunderstanding" of the issues and are "deeply concerning".

The results indicated large and listed companies are most in favour of mandatory rotation every three years.

I haz solution! If you want to change your auditors, just do it. There's no need to be forced to do something you already want to do and can quite easily do.

Seriously, it makes these finance directors sound utterly pathetic. Like a whiny bunch of smokers who want smoking to be banned everywhere just because they're too weak to give up on their own.

Ironically, if they really do want auditor rotation then there will be no need for the European Union to act on the matter. Because it will just happen.

People who read this post also read:

• A meta-review of the EC audit reform proposals
• Goldman Sachs and the timing of tax payments
• The impact of auditor rotation on independence
• Auditing, scepticism and history of science
• Christie Malry urges Accountancy Age to go back to school

Filed under: Auditing, Regulation with tags 100 group, accountancy age, auditor rotation, european commission, finance directors, robert half