Change audit firms May05

What to do when it’s time to change audit firmsHow to avoid past problems and ease the transition process Take it tothe Max. 800 Liberty Building | Buffalo, NY 14202 | ph: 716.847.2651 | fax: 716.847.0069 | freedmaxick.comHow to avoid past problems and ease the transition process A record number of companies are leaving relationships with audit firms this year, 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 These issues can be difficult or impossible to correct once source of anxiety for company decision makers. Concerns a firm is engaged. Employing a thorough, diligent selection about meeting regulatory, interim and year-end deadlines process helps ensure that underachieving firms don’t and acceptance by the company’s financial partners are make the cut — and that the firm you choose meets all high on the list. Other worries may include being charged your expectations.high fees or receiving poor service.Selecting the right firmMany of these concerns can be mitigated, however, Even as interim, year-end and regulatory deadlines loom, ...