AUDITING - US Chamber of Commerce

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Auditing: A Profession at RiskAt the end of the day, the engagement ofan auditor is a private commercial matter,and reforms that increase the overallcompetitiveness of the profession may, insome instances, also help members of theBig Four become even more competitive.However, there should be some generalacceptance of the view that intenseconsolidation has left many clients unhappyand our capital markets vulnerable to theshock of even further consolidation. It isimportant for all the players in the systemto reconsider their roles in the currentcompetitive situation and work to redressthe risks inherent in it.CONCLUSIONThe action plan described in this paperoffers no guarantees about the continuedhealth of the auditing profession. Nothingis offered, for example, to resolve theconsiderable litigation that is alreadyoutstanding or to immediately addresscurrent staffing challenges. Nonetheless,we believe that it is significant to highlightsome of the critical issues and offer apositive plan to address them.Losing another auditing firm — ormaking auditing so unattractive thatfirms or their partners no longer wantto provide the service — would havevery negative consequences for the U.S.capital markets and the U.S. economy asa whole. The Chamber is committed to19
Auditing: A Profession at Riskpreventing that development, and we hopethat policymakers in Washington and onWall Street are or will become similarlycommitted.January 200620
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AUDITING - US Chamber of Commerce

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