A “perfect storm” in the accounting industry is exacerbating a shortage of auditors that has extended beyond the Big Four and is beginning to impact the next tier of accounting firms. And though small public companies are the ones hardest hit by the shortage, the impact on large enterprises may increase as they seek to acquire companies with questionable controls or opinions.
“They [the Big Four] are loaded up sufficiently that they can be very choosy about whom they work with, and very aggressive about how much they charge, etc.,” notes Ronald Codd, a former CFO of PeopleSoft who currently serves as a director on six corporate boards.
