ASIC has released a new policy statement (Auditor rotation [PS 187]) which
outlines its approach to applications for relief from auditor rotation
requirements in Pt 2M.4 (Sections 324DA-DD)of the Corporations Act.

Rotation is a key aspect of the independence
provisions aimed at enhancing the reliability and credibility of
financial reports. ASIC says it will be writing to selected auditors
requesting their auditor rotation succession plans for listed companies
and schemes in the near future.