MR. I think you can still develop proficiencies outside of developing them in consulting relationships with your audit clients, and you can transfer those proficiencies to audits when need be.
Auditors have always had to call in specialists when matters are outside their understanding. So if you’ve got this healthy IT consulting side that just doesn’t work on any audit engagements, I don’t see why you couldn’t pull them in to help work on the audit if they’re working on audit type work, not advocacy type consulting arrangements for your audit client.
COMMISSIONER UNGER: Are you familiar with the revenues of the accounting firms? Because I guess I should have asked which I didn’t, if you’re still here, is what percentage of the consulting revenues come from non-audit clients.
COMMISSIONER CAREY: Jack, of the really spectacular accounting disasters we’ve witnessed, is there any one or more that you think can be directly traced to a lack of auditor independence? Continue reading “CIESIELSKI: Again, I’m from the outside, but Idon’t feel what’s being proposed is a big impediment”