The introduction of mandatory audit tendering and rotation has been viewed by many as a welcome opportunity for increased competition in the audit market; the potential (at least) for non-Big Four firms finally to win a fair share of FTSE 350 firms' audits. However, there are risks might audit rotation might bring for auditing and accounting firms.

The requirement for listed companies and public interest entities to put their audit out to tender every 10 years and to change auditor every 20 years is still a relatively recent development. Instances of significant changes in audit firm appointments remain comparatively few and far between, but then it's still early days.