Many in the auditing community are up in arms over a recent federal proposal that would require public companies to regularly switch the auditing firms they use. A federal panel said the change is necessary to improve the quality of audits, as well as boost companies' accountability and transparency. But many in the auditing community said the move will actually hurt the quality of audits and cost everybody more. The plan-proposed by the Public Company Accounting Oversight Board (PCAOB) last year and still in its early stages-would require term limits on the number of consecutive years a registered public accounting firm could serve as an auditor for a public company. Mark Edmund
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