Competition in the Accounting Profession: Survey of Public Companies (GAO-08-164SP, November 2007), an E-supplement to GAO-08-163

Auditor Choice

10. Considering auditor independence requirements and your company's specific audit needs, aside from your current auditor of record, how many accounting firms would you have as viable options if you needed to change primary auditors?

(Enter your best estimate.)
  number of firms

11. Do you think the number of accounting firms you can choose a primary auditor of record from is enough?
1. Yes
2. No - please fill in box below
3. Don't know

  IF NO: please explain.

12. Do you think the level of competition for audit services for your company is sufficient?
1. Yes
2. No
3. Don't know

13. If you had to choose a new auditor of record, how important would each of the following auditor characteristics be to your decision?
(Select one answer in each row.)
    Very great importance Great importance Moderate importance Some importance Little or no importance Don't know
  a. Audit Fees
  b. Geographic presence
  c. Technical capability with accounting principles and auditing standards
  d. Industry specialization or expertise
  e. Reputation or name recognition
  f. Proximity to the company's headquarters
  g. Ability to handle size and complexity of company operations
  h. Ability to work with management
  i. Responsiveness to client/audit committee questions and needs
  j. Expectations or requirements of shareholders, banks, lenders, or underwriters
  k. Other - please describe below
   

  IF OTHER, please describe.

14. Considering your company's specific audit needs, if you had to choose a new primary auditor of record today, are you likely to use an accounting firm from the following categories?
(Select one answer in each row.)
    Yes No No answer
  a. Big 4 firms (PWC, KPMG, E&Y, Deloitte)
  b. 2nd tier firms (Grant Thornton, BDO Seidman, McGladrey & Pullen, Crowe Chizek)
  c. Regional or local firms
   

15. IF "NO" IN QUESTION 14 TO 2ND TIER OR REGIONAL OR LOCAL FIRMS: For those categories of accounting firms that you would not consider, how important are the following auditor characteristics in explaining why?
(Select one answer in each row.)
    Very great importance Great importance Moderate importance Some importance Little or no importance Don't know
  a. Audit Fees
  b. Geographic presence
  c. Technical capability with accounting principles and auditing standards
  d. Industry specialization or expertise
  e. Reputation or name recognition
  f. Proximity to the company's headquarters
  g. Ability to handle size and complexity of company operations
  h. Ability to work with management
  i. Responsiveness to client/audit committee questions and needs
  j. Expectations or requirements of shareholders, banks, lenders, or underwriters
  k. Other - please describe below
   

  IF OTHER, please describe.


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