November 11, 2004
Accounting Firm Performance Perception is at a Low
Finding themselves with lots of business from clients, due to Sarbanes-Oxley, CPA firms are stretched thin. This is showing up in the perceptions from their clients. Pressure is high and so are expectations. Firms need to be selective on the work they accept with their clients. Clients have to have responsibility in the long term anyway.
For an excerpt on an article on this topic:
"The study finds a significant amount of angst among audit committee chairs and CFOs in the industry. Top management is concerned about the costs of implementing the extensive requirements associated with Sarbanes-Oxley compliance. Some auditors feel they are being stretched too thin because of additional audit requirements, which are impacting service levels. Also, audit committee chairs are feeling the pressure of increased accountability of the required financial reporting process. The results of this are low accounting firm performance levels compared to other business-to-business studies, and a decline in the confidence level of the accounting profession.
Furthermore, almost 9 out of 10 CFOs say the costs of implementing the new rules and procedural requirements of Sarbanes-Oxley are greater than the benefits of those changes. Confidence is also particularly low among CFOs, with just 44 percent expressing high levels of confidence in the accounting industry. "
For the complete article, click here.
For rapid affordable Sarbanes-Oxley compliance, see www.issuescentral.com for information on Sarbanes-Oxley Compliance Playbook(tm) or call (416) 977-1496.
For an excerpt on an article on this topic:
"The study finds a significant amount of angst among audit committee chairs and CFOs in the industry. Top management is concerned about the costs of implementing the extensive requirements associated with Sarbanes-Oxley compliance. Some auditors feel they are being stretched too thin because of additional audit requirements, which are impacting service levels. Also, audit committee chairs are feeling the pressure of increased accountability of the required financial reporting process. The results of this are low accounting firm performance levels compared to other business-to-business studies, and a decline in the confidence level of the accounting profession.
Furthermore, almost 9 out of 10 CFOs say the costs of implementing the new rules and procedural requirements of Sarbanes-Oxley are greater than the benefits of those changes. Confidence is also particularly low among CFOs, with just 44 percent expressing high levels of confidence in the accounting industry. "
For the complete article, click here.
For rapid affordable Sarbanes-Oxley compliance, see www.issuescentral.com for information on Sarbanes-Oxley Compliance Playbook(tm) or call (416) 977-1496.
