Auditing a Strong Revenue Source for Firms
Auditing has gotten a bad "rep" over the past few years--and especially during the past year--thanks to investigative work done by the Securities and Exchange Commission and the fact that CPAs and accounting professionals have reportedly been seeking more lucrative, less risky alternatives to audit work.
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."
Voice of the Editor
What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.