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Sarbox rule to pressure small audit firms?
The Sarbanes-Oxley rotation rule was designed to make sure overly cozy ties do not develop between auditors and clients. It requires that accounting firms change the lead audit partner for a client every five years. Big firms can deal with it because of their many in-house options. But it can really pressure smaller audit firms. In the fifth year of Sarbox, this is starting to be an issue. One firm, Cordovano and Honeck, has said it has given up a client, Signature Leisure, because of the rule. It previously had given up another client. The two-person firm had no other auditor it could turn to. Could it hire? I guess so, but it would be an added cost and the firm apparently decided it was not worth it. If you are using a small audit firm, this is an issue worth exploring now. Changing auditors is no small feat. The last thing you want to do is to start from scratch.
For more:
- here's an article from cfo.com
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