Recruiting Accounting Grads for Enforcement
Accounting is a hot profession this year and not just in the private for-profit sector. Government agencies like the Internal Revenue Service (IRS) and non-profit agencies like the Public Company Accounting Oversight Board (PCAOB) are also looking for accounting graduates to join their ranks.
“We need to hire 80 more inspectors to look at over 300 more accounting firms,”
William McDonough, chairman of the PCAOB said at a Conference Board Meeting on Thursday according to Dow Jones Newsletters.
According to McDonough, the PCAOB has 350 full-time staff providing independent oversight of 1,515 registered accounting firms. Firms having more than 100 clients are audited every year. Firms with fewer than 100 clients ad reviewed every three years.
The IRS is also increasing their budget for enforcement despite cuts in service. The Wall St. Journal reports that the record $10.68 billion budget going into effect October 1, 2005 includes an eight percent increase in enforcement spending as well as a one percent decrease in taxpayer services. Crackdowns on tax shelters and more taxpayer audits are among the actions the IRS plans to increase. In fiscal year 2004, the IRS employed more than 99,000 employees.