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