The recession is forcing accountants to spend more time on cost-cutting initiatives, according to 59% of respondents to a survey by Ajilon Finance and the Institute of Management Accountants. In general, 75% of accountants said their job responsibilities have shifted because of the economic turmoil. Accountants also said they are spending more time on risk assessment initiatives (27%) and providing general financial advice to their companies (27%).
The vast majority of accountants (73%) do not expect the economy to move out of recession until 2010. Seventeen percent said the recovery would happen by the fourth quarter of 2009.