The average auditor tenure at S&P 500 companies is almost 24 years, according to available data. Although year-to-year continuity of an auditor is important, one wonders how independent or objective a firm with a 25-, 50-, 75- or 100-year relationship can be? According to Bloomberg, KPMG has been the auditor for General Electric for 107 years. Data indicate 33.7% of companies had the same auditor for more than 25 years, while 8.6% of companies have had the same auditor for 50 or more years.
Same auditor watching the store