James R. Doty Says Audit Firms May Have to Be Rotated - NYTimes.com
"Financial statements often include many estimates, and auditors now simply conclude whether an estimate is or is not reasonable. That has been a problem in valuing some securities that rarely trade, with the same audit firm approving widely varying estimates by different clients. One possibility may be for disclosures to be made on the range that the auditor deemed reasonable, and where the estimate fell within that range"
In my opinion, The problem is more complex than it seems. changing auditors is good but not enough. The issue is what are the motives and incentives that drives audit firms' negligent behavior, conflict of interest, and fraudulent acts.
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