The has been cautious in its reactions as it prepares a comment letter. The initial reaction to the proposal, from Executive Director Cindy Fornelli, said that "a cost-benefit analysis should be central to the project," and added that it is important that "the PCAOB seek additional input from the full range of stakeholders who will be significantly affected by any changes in this area."

As an overview, the CAQ noted: "Objectivity, independence, and professional skepticism are the foundations of a high-quality public company audit."

cites the position it previously took in response to a European initiative, saying "we do not support mandatory audit firm rotation for a number of reasons, including our belief that it will not result in improved audit quality and, in fact, past studies have shown it could have negative consequences." The statement from Michael J. Gallagher, PwC managing partner, assurance quality and transformation, continues: "As one example, we believe this 'one size fits all' requirement is not conducive to audit quality in that it limits the discretion of an audit committee in choosing the audit firm it believes is best suited to meet a company's specific quality requirements."

Whalen of Audit Analytics agrees, adding that before a move to mandatory audit firm rotation, greater study, not only of the pros, but of the cons, is needed.