PRACTICE MANAGEMENT
Smaller CPA firms are gaining ground in the market for SEC audits, according to PCAOB Chairman Mark Olson in recent testimony before the House Committee on Small Business. “The Big Four firms have reduced their public company audit client base by more than 1,000 clients since Arthur Andersen’s demise,” said Olson. “In the same period...the next four have added more than 250 audit clients among them, and smaller firms have taken on more than 580 audit clients.” He added that 10 U.S. firms and one non-U.S. firm now each audit more than 100 public companies, subjecting the firms to PCAOB annual inspections.