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Mandatory auditor rotation is designed to address a potential conflict of interest between a public company and its auditor. Because an auditor is hired and paid by the public company it audits, the auditor's desire to maintain a good relationship with its client could conflict with its duty to rigorously question the client's financial statements.

Robert Pozen

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Robert Pozen
Age: 78
Born: 1946
Born: August 8
Teacher
Bridgeport
Connecticut
Robert Charles Pozen
Public
Statements
Rotation
Company
Potential
Client
Interest
Financial
Hired
Desire
Conflict
Clients
Good
Paid
Address
Auditor
Duty
Addresses
Auditors
Relationship
Designed
Rigorously
Question
Maintain
Mandatory

More quotes by Robert Pozen

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You need to agree with your boss about what you need to get done that week, what are the metrics of success. Sometimes you need more hours, sometimes you need fewer hours.
Robert Pozen
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There are people who literally cannot start a project until the deadline is four hours away, even if it's a big one. And those people have a serious problem. My recommendation is set up mini-deadlines. You might say, 'Okay, here's my deadline after three days for this and there's another deadline for that and then a third deadline.
Robert Pozen
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The quality of American patents has been deteriorating for years they are increasingly issued for products and processes that are not truly innovative - things like the queuing system for Netflix, which was patented in 2003. Yes, it makes renting movies a snap, but was it really a breakthrough deserving patent protection?
Robert Pozen
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Routinize the routine. The things that aren't important to you, whether it's breakfast or your commute, try to do them with the least energy possible so that leaves you with more energy for other things.
Robert Pozen
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You have various institutions like law firms and accounting firms which bill by the hour. I'm really against that. You have an incentive to go slowly, be there as long as possible, to over-research things and over-staff.
Robert Pozen
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If employees need to stay late in order to curry favor with the boss, what motivation do they have to get work done during normal business hours? After all, they can put in the requisite 'face time' whether they are surfing the Internet or analyzing customer data.
Robert Pozen
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Priorities are the yearly goals that I'm most interested in achieving, then they become operationalized through weekly goals.
Robert Pozen
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The way you delegate is that first you have to hire people that you really have confidence in. You won't truly let those people feel a sense of autonomy if you don't have confidence in them.
Robert Pozen
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If you want an active schedule, you have to husband your time so you can act on the things that are important.
Robert Pozen
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It's 5 P.M. at the office. Working fast, you've finished your tasks for the day and want to go home. But none of your colleagues have left yet, so you stay another hour or two, surfing the Web and reading your e-mails again, so you don't come off as a slacker. It's an unfortunate reality that efficiency often goes unrewarded in the workplace.
Robert Pozen
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The classic problem as an entrepreneur is that they have a hard time delegating. But that's really crazy. Recruiting other executives is critical, so is dealing with customers and dealing with regulators. Those are functions that only the top founders can do.
Robert Pozen
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Most people get overwhelmed by the insignificant decisions of their lives. I'm urging people to minimize the time spent on these when they're not critical to their most important goals.
Robert Pozen
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I've seen people spend days, if not months, researching and gathering data, but only at the end did they finally figure out what they were really looking for then they have to redo a lot of stuff. If after a day or so you force yourself to put together your tentative conclusions, then you'll have guidance for the rest of your research.
Robert Pozen
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Everyone knows that exercise can improve your health. Exercise is a key part of managing your weight and maintaining healthy hearts, lungs, and other bodily systems. But did you know that exercise can make you more productive? The latest research shows that a regular exercise routine can make you happier, smarter, and more energetic.
Robert Pozen
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America is the only major country that tries to ascertain who was the first applicant to invent the product or procedure. This may seem fair, but long proceedings to determine precisely when each party conceived an idea result mostly in keeping innovations from hitting the market.
Robert Pozen