Top firms pick smaller accounting firms in US
Posted on Sat Aug 27, 2005 at 06:35:55 PM EST
The Big Eight accounting firms consolidated into the Big Four U.S. accounting firms, but now many top businesses are choosing second tier accounting firms.
The Big Four -- PricewaterhouseCoopers, Ernst & Young, Deloitte & Touche and KPMG -- once had a lock on the auditing business of companies with $1 billion or more in revenue, BusinessWeek reported.
Grant Thornton, the fifth-largest accounting firm, followed by BDO Seidman, McGladrey & Pullen, and the Crowe Group are gaining more business from the largest firms, because some businesses like the added attention they get. Others are seeking a smaller invoice because the time charged for audits has gotten larger.
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By djain128, Section News
Posted on Sat Aug 27, 2005 at 06:35:55 PM EST
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The Sarbanes-Oxley Act, passed following several accounting scandals in the early 2000s, has increased the number of hours required for a typical audit by more than 30 percent, the New York Times reported.
Some Big Four firms have had to drop clients because of the added time needed to satisfy the Sarbanes-Oxley Act.
Source http://news.webindia123.com/news/showdetails.asp?id=110888&cat=Business
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