Auditor rotation—whether mandated or voluntary—is on the increase. While this may be good from an independence point of view, our research suggests that it’s going to lead to lower levels of satisfaction among audit clients. Auditor-client relationships tend to be at their weakest, not immediately after a new audit contract has been let and when hopes are high about innovation and improvement, but a year or two later, perhaps because some of that early promise hasn’t been fulfilled. It probably doesn’t help that this is also the period when the audit fee is most likely to rise.