Many businesses and corporations in the United States are required to be audited every year as part of the over regulation of America. Unfortunately this takes its toll on American Businesses because there are a shortage of accounting firms willing to do these audits.Additionally just because you have your audit done does not mean that satisfies the regulations as audits require peer reviews which also take time; sometimes longer than the audit its self to get back you see. Further each auditing accounting firm has noticed an increase in errors and omissions insurance making them less likely to take on audits as part of their accounting practice.Large Corporations use large Big Three Accounting Firms, but smaller companies use who ever they can find and/or afford.
With the Sarbanes-Oxley Law (SOX) it makes it really hard to jump thru all the hoops for small accounting firms and thus they choose not to endure it and no longer offer "auditing" and the ones that do charge 3-times the costs of a few years the prior. Why?.Well they have more insurance costs and no one wants to do peer reviews. Meanwhile the smaller companies using them are over burdened with bureaucracy trying to get the audits done on time to satisfy all the rules.If we continue to allow this regulatory bureaucracy it will kill American Business, cause larger corporations to stagnate due to lack of competition from smaller firms and in essence the Federal and State governments requiring these auditing rules will in fact be responsible for a huge downturn in the economy and loss of America's preferred position as the top dog in international business. Blame it on the over regulation that is the truth.
We need a way to accelerating audits verification to help level the playing field. Consider this in 2006..
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By: Lance Winslow