TAILIEUCHUNG - CONCEPT RELEASE ON AUDITOR INDEPENDENCE AND AUDIT FIRM ROTATION

The Story of Risk in the Hundred Acre Wood One can draw parallels by looking at the characters in the Winnie the Pooh stories. Some people are Piglets who worry, worry, worry and want to take no risks whatsoever. Others are Eyores who are gloomy and resigned to the worst possible thing happening, so why fight it. And then some are utterly confident and wise in their view that everything is under control and that nothing bad could possibly happen in their organization – clearly Owl – until their house blows down. The only character who seems continually unperturbed. | 1666 K Street NW Washington . 20006 Telephone 202 207-9100 Facsimile 202 862-8430 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 . Washington . 20006-2803. Comments also may be submitted by e-mail to comments@ or through the Board s Web site at . 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@ Michael Gurbutt Associate Chief Auditor 202 591-4739 gurbuttm@ and Jacob Lesser Associate General Counsel 202 207-9284 lesserj@ . PCAOB Public Company Accounting Oversight Board 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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