You are an audit partner in a medium-size CPA firm, Kilmer, Kissenger, and Kennedy. Several of your larger audit clients have read in the news about the possibility that audit firm rotation might at some time be required and have asked whether they should be prepared to comply with such a requirement in the near future. You have been asked by your partners to prepare a memo for distribution to your firm’s clients that discusses
the pros and cons of such a requirement and your evaluation of the likelihood of its occurrence in the near future. Write the memo, inventing any details you need to make your discussion clear and readable.
