Auditors Clean Up with Non-Attest Services

A new survey from the Financial Executives Institute [1] (FEI) finds that an overwhelming 85 percent of respondents say their auditors also provide 'non-attest consulting services.'

Respondents claim the reason why this is so high is that they want the freedom to choose consultants, and rely on firms that already provide value to their company through services like audit.

More than 60 percent also said that their auditors prepare or review tax returns apart from any tax accrual audit work.

The survey was released to coincide with SEC Chairman Arthur Levitt's comments about the independence investigation within the Big 5. In response, the FEI hopes the SEC will concentrate on best practices within companies for the good of the profession rather than conduct an investigation without also providing solutions.