For Discussion

In the U.S. there is a requirement for audit partner rotation, but no requirement for audit firm rotation. Requirements differ internationally. For example, European Union Countries have mandatory audit firm rotation.

Deloitte has been the audit firm used by Procter & Gamble since 1890. In fact, as of January 2017, 13 public companies have engaged the same auditor for at least a century. Should investors be concerned about the remarkable length of these relationships and the ability of an audit firm to be independent when conducting the audit? Does a relationship of this length improve or diminish audit quality? Should there be a requirement for mandatory firm rotation for audit firms of U.S. public companies?

Discuss.