The Sarbanes-Oxley Act has left more than one mark on the CPA profession, and a couple of recent reports offer proof.
First up is the annual Rosenberg MAP Survey from Rosenberg Associates. According to WebCPA, the survey found that firms with annual net fees of more than $2 million saw those fees “grow 11.4 percent in 2006, up from 9.7 percent in 2005.” Firms with net fees of more than $10 million grew 16.3 percent. The reason for the growth? Increased demand for SOX-related compliance services, according to Rosenberg.
SOX-related issues are also influencing recruitment and retention strategies throughout the accounting, auditing and finance world. A recent MACPA podcast examines a report from a blue-ribbon panel called the Robert Half International Financial Leadership Council. That report takes a closer look at how businesses are rethinking the way they work with their employees.
“A key obstacle to maintaining adequate levels of accounting, finance and audit talent is a slowing workforce growth rate that is coinciding with unprecedented demand for these professionals,” the report states. “As the pool of skilled workers shrinks and these professionals struggle with the post-reform compliance focus, it will become increasingly important for employers to become more creative and competitive in attracting new talent and retaining existing staff.”
What other issues have been created in this post-reform world?