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.

You may like these other stories...

Ernst & Young 2013 audit deficiency rate 49%, regulators sayMichael Rapoport of the Wall Street Journal reported on Thursday that the Public Company Accounting Oversight Board (PCAOB) found deficiencies in 28 of the...
Some of your clients may get away to business conventions from time to time. It gives them a chance to rub shoulders with colleagues, catch up on the latest developments, and fine-tune their skills. And, when the meetings or...
PwC must face $1 billion lawsuit over MF Global adviceA federal judge on Wednesday ordered PricewaterhouseCoopers (PwC) to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.