American Institute Of CPAs Applauds House Passage Of Audit Integrity And Job Protection Act

The following is a statement by Barry C. Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs in reaction to the House of Representatives’ passage of H.R. 1564, the Audit Integrity and Job Protection Act, on a vote of 321 – 62:

“In the absence of evidence that mandatory audit firm rotation would enhance audit quality, the House has sent regulators in the United States and Europe a clear message that the time has come to end the debate over rotation. In Europe, there is a misimpression that the continued consideration of the PCAOB’s concept release means that the U.S. is headed toward adoption of a mandatory firm rotation requirement. Today's House vote will go a long way toward alleviating confusion and uncertainty for policy makers and stakeholders on both sides of the Atlantic. I want to thank the measure's co-sponsors, Representatives Robert Hurt of Virginia and Gregory Meeks of New York, as well as its many congressional supporters.”