June 17, 2005
Relationships with External Auditors were Addressed in May 16th Guidance
We wonder where if this survey was taken prior to May 16th, 2005. The SEC and PCAOB clearly stated that this type of "chilled relationships" was unintended, unnecessary and not legislated. The PCAOB was actually quite distressed by this and told Auditors that they not should work closely with their clients, but that they, the PCAOB would inspect audit work and where it was too conservative, they would advise the firm on its conduct.
An excerpt from an article surveying companies on this topic:
Sarbanes-Oxley hits auditor relations
By Dan Roberts
"The soaring cost of complying with US regulation is poisoning relationships between companies and their auditors, according to the latest study on the impact of Sarbanes-Oxley legislation.
Research based on public filings and polling confirmed fears that the cost of maintaining a public listing continues to mushroom up 45 per cent on last year for large companies due mainly to rising audit fees.
But the third annual study by Chicago law firm Foley & Lardner also revealed another less-anticipated side-effect: growing resentment towards the accounting profession and falling levels of trust and co-operation." For the complete article, click here.
To learn more about the Sarbanes-Oxley Compliance Playbook(tm) to decrease your cost and time to complete compliance, see www.issuescentral.com or (800) 410-6681 ext 112
An excerpt from an article surveying companies on this topic:
Sarbanes-Oxley hits auditor relations
By Dan Roberts
"The soaring cost of complying with US regulation is poisoning relationships between companies and their auditors, according to the latest study on the impact of Sarbanes-Oxley legislation.
Research based on public filings and polling confirmed fears that the cost of maintaining a public listing continues to mushroom up 45 per cent on last year for large companies due mainly to rising audit fees.
But the third annual study by Chicago law firm Foley & Lardner also revealed another less-anticipated side-effect: growing resentment towards the accounting profession and falling levels of trust and co-operation." For the complete article, click here.
To learn more about the Sarbanes-Oxley Compliance Playbook(tm) to decrease your cost and time to complete compliance, see www.issuescentral.com or (800) 410-6681 ext 112
