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Mandatory audit firm rotation in Spain: a policy that was never applied



    () (Instituto de Empresa)


In recent international debates on auditing regulation, Spain has assumed a real prominence as a claimed practical example of where a policy of mandatory audit firm rotation did not work and was duly abolished. This study provides an analysis of the implementation and removal of such policy in Spain. Using the evidence provided by congressional hearings, financial newspapers and other documents we demonstrate that at no stage was mandatory rotation of audit firms ever enforced on Spanish auditors.

Suggested Citation

  • Nieves Carrera, 2006. "Mandatory audit firm rotation in Spain: a policy that was never applied," Working Papers Economia wp06-21, Instituto de Empresa, Area of Economic Environment.
  • Handle: RePEc:emp:wpaper:wp06-21

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    References listed on IDEAS

    1. Deis, Donald Jr. & Giroux, Gary, 1996. "The effect of auditor changes on audit fees, audit hours, and audit quality," Journal of Accounting and Public Policy, Elsevier, vol. 15(1), pages 55-76.
    2. repec:cup:apsrev:v:54:y:1960:i:03:p:695-704_12 is not listed on IDEAS
    3. Christopher K.M. Pong, 1999. "Auditor Concentration: A Replication and Extension for the UK Audit Market 1991-1995," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 26(3-4), pages 451-475.
    4. Arrunada, Benito & Paz-Ares, Candido, 1997. "Mandatory rotation of company auditors: A critical examination," International Review of Law and Economics, Elsevier, vol. 17(1), pages 31-61, March.
    5. Zeff, Stephen A., 2003. "Du Pont's early policy on the rotation of audit firms," Journal of Accounting and Public Policy, Elsevier, vol. 22(1), pages 1-18.
    6. Lennox, Clive, 2000. "Do companies successfully engage in opinion-shopping? Evidence from the UK," Journal of Accounting and Economics, Elsevier, vol. 29(3), pages 321-337, June.
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    Cited by:

    1. Beatriz García Osma & Belén Gill de Albornoz Noguer & Elena De las Heras Cristobal, 2016. "Opinion shopping: Partner versus firm-level evidence," Working Papers. Serie EC 2016-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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    Auditing regulation; Auditor independence; Mandatory audit firm rotation;

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