Auditors Clean Up with Non-Attest Services

A new survey from the Financial Executives Institute (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.


Already a member? log in here.

Editor's Choice

Upcoming CPE Webinars

Nov 24This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Dec 3The materials discuss the concepts and principles in the AICPA’s new special purpose framework.
Dec 9A key component to improving your firm’s workflow efficiency while enhancing your profitability at the same time is how you leverage emerging technologies.
Dec 9Kristen Rampe will cover how to diffuse the tension in challenging situations in this one-hour webinar.