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Accounting Profession Faces More Rules, Transition, Turnover, Competition.
Byline: Ameet Sachdev
Dec. 24--Get ready for Round 2.
The accounting profession, its reputation in tatters after the collapse of the prestigious Andersen firm and the most sweeping corporate reform legislation since the Depression, is bracing for more fallout in 2003.
It will be a year of turnover at both the national and smaller regional firms, experts predict.
Smaller accounting firms will likely jettison many of their publicly traded clients to avoid additional scrutiny in a tougher regulatory environment brought on by accounting scandals at companies like Enron Corp., WorldCom Inc. and Tyco International Ltd.
Barry Melancon, president and CEO of the American Institute of Certified Public Accountants, predicts that as many as two-thirds of the approximately 800 firms that audit public companies will forgo that business in the next two years. For some firms, the additional oversight from the federal government won't be worth the hassle.
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