2nd term h1b expiring on 03/2013, GC EB3 Labor is in audit ( PD Aug 2011), is finding new company to refile GC process is good option, please advise?

I think you have definite issues to analyze and be aware of before making any decision.If you depart and your current employer doe snot wish to continue with the I-140 if your PERM is approved, you will no chance to retain your priority date. Also, you would need to move quickly with a new green card process with new employer during the potential 12 month validity of new H-1B.  If your new PERM was not filed until after 3/2012, and your current PERM was denied w/o appealing, you may not have any options to extend H-1B beyond 6 years.If a new PERM through new company was filed after 3/201, the new employer would likely need an approved PERM and I-140 within 12 months to extend your H-1B time. if your PERM were audited, you may not have any options to extend your H-1B beyond 6 years at that point. Regards, Andrew M. Wilson, Esq. Serotte Reich Wilson,LLP www.srwlawyers.com awilson@srwlawyers.com