In trying to solve the big problem of getting auditors to consistently produce quality and
independent audits, many people are looking for one big magical solution. If rotation is not the
answer, then maybe another grand solution is present that everyone is overlooking. However, the
reason why the issue of regulating auditors has persisted so long is because people do not realize
that the answer may lie in a combination of several smaller regulations. The Sarbanes-Oxley Act,
which has a number of new regulations, is a gigantic step that will definitely help ifnot solve the
problem.
However, the public must realize that despite how tight regulations are, audit failures are
inevitably going to occur. Blindly implementing a drastic policy, such as mandatory rotation, and
hoping for the best will do nothing but further deteriorate the integrity of audits. To conclude,
Joe Hoyle states:
The idea of mandatory rotation is something like trying to swat a fly with a baseball bat.
Although it is possible the problem may be solved, the accompanying damage may be
irreparable. Mandatory rotation is simply too drastic a step to take without the proof that
the benefits are worth the added costs to the company and to the public. (1978, p.5)