New rules that are being proposed by the Public Company Accounting Oversight Board will likely result in a major overhaul of company audits. The board wants accounting firms to start including a potentially large amount of new information in the audit report that is attached to a company’s annual report.
It is said that their proposal is one of the most ambitious to date. The board was set up a decade ago in light of accounting scandals at large companies which revealed serious shortcomings at auditing firms.
As part of the proposal, it would require auditors to communicate details of the difficult parts of the audit, with many situations, especially with large corporations, where the auditor may find the task quite nettlesome.
Requiring this extra information may draw opposition from some auditors due to the added expenses. Some believe it provides a better opportunity to communicate more information, with auditors and audit firms providing greater value for investors and users of financial statements.
This also means that the public and investors will have better insight as to exactly what is going on inside of a company. The proposed changes would certainly mean a bit more work for auditors; companies may look at things a little bit differently before making certain financial decisions as well.
Having a qualified auditing firm on your side may be more important than ever. To find the best for your business, it’s essential to pinpoint your exact needs to eliminate those you don’t want to work with. For example, do you need a firm that can provide a specific type of service or that provides a more comprehensive package of services? Consider your particular budget and whether or not the firm has industry experience.
Don’t seek an auditing firm out of the yellow pages. You might consider contacting other businesses within your industry or professional organizations such as the American Institute of Public Accountants to see who they might recommend. You’ll then need to put together a list of potential firms and contact each to find out their fees and services.
The quickest route to finding a qualified, reputable auditing firm is to contact the consultants at GoodAccountants.com you can locate the one that is right for you with no financial cost or obligation.
The U.S. is home to over a million auditors and accountants; how do you begin weeding through them all to determine which auditing firm is right for you and your business? While it can seem like a rather challenging task, by following these steps you’ll increase the odds of being able to