The 2026 edition of this paper explores investor perspectives on audit firm tenure and evolving expectations around governance and transparency. It outlines the Canadian regulatory approach, which emphasizes mandatory partner rotation, strong controls over non-audit services, periodic comprehensive reviews, and the use of audit quality indicators—rather than mandatory firm rotation—to address independence threats. Drawing on research and market insights, the paper examines the relationship between tenure and audit quality and reinforces the importance of robust audit committee processes and enhanced disclosure in supporting investor confidence and informed decision-making.
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