Auditing a Strong Revenue Source for Firms
However, some experts in the nation's top firms have gone public with their opinions that their assurance services are indeed a money-maker for their firm and that any integrity lost as a result of alledgedly poor auditing practices is not really their fault.
In the world of the Chief Financial Officer, however, opinions vary widely. A few former accounting firm employees who made a successful switch to industry, liken the audit business to "commodities" in which companies are extremely price conscious when it comes to engaging a firm to perform an audit. As a result, accounting firms may find themselves bidding lower on an audit in order to secure business from the company in other ways, such as consulting.
One CFO even compared this bidding practice to a K-Mart "Blue Light Special."