Most audit committee chairmen of large UK companies wish their lead audit partners could stay on for seven years, rather than being forced to rotate off the assignment after five years as is now customary.

The Institute of Chartered Accountants in England and Wales surveyed 121 FTSE 350 audit committee chairmen and found that nearly 55 per cent would prefer a seven-year rotation period and another 24 per cent would like five, but with the option to extend to seven. Only 21 per cent of those in the survey would opt for the status quo.