Still quite iffy. PCAOB is thinking about maybe asking for reaction to the idea. A long way from implementation, but it is the next step on that path.
John Hufnagle has a few more words on the topic at Audit Firm Rotation – The Train Is Starting Its Engine. Gotta’ love the title of his post!
I think it is a bad idea. Ironically, my intentionally one-person firm would benefit tremendously if mandatory firm rotation ever gets to be the norm for the NPO world. A tremendous number of NPOs would be out talking to new auditors. I am positive I would pick up a ton of work. Still a bad idea though.