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A record number
of companies are leaving relationships with audit firms,
and many cite bad service or high fees as reasons for the breakup.
Some industry watchers speculate that large accounting firms no
longer have time for any but their most lucrative clients and are
anxious to realign their client base. Thus, ignoring small and midsized
companies may be a means of precipitating their departure. Whatever
their reasons for parting ways, many companies are now scrambling
to find a new audit firm.
Selecting and
making a transition to a new firm can be a source of anxiety for
company decision makers. Concerns about meeting regulatory, interim
and year-end deadlines and acceptance by the company’s financial
partners are high on the list. Other worries may include being charged
high fees or receiving poor service. Many of these concerns can
be mitigated, however, through research, planning and taking certain
proactive steps.
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