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Essay / Analysis by Lynn Turner - 954
First, Lynn Turner suggests that shareholders should vote on whether or not to continue audits, so that auditors can see that they are serving management, but not investors. Second, similar to auditing requirements in Europe, the PCAOB should require rotation of audit firms for each company. Third, auditors should be required to consider publicly available information that is contrary to that provided by management. Third, audit partners should lead and devote more time to auditing companies because they have the most experience. They would be the ones best able to carry out an audit correctly. Finally, accountants should be required to pursue higher education comparable to that of lawyers and doctors.