Audits of Public Companies: Survey of Public Companies (GAO-08-164SP, January 2008), an E-supplement to GAO-08-163

Participation in the Audit Market

2.
Over the next five years, does your firm plan to increase or decrease the number of public companies for which you serve as the auditor of record? (Please click one button.)
1. (Click here to go to Question 4.)
2. (Click here to go to Question 4.)
3. (Click here to go to Question 4.)
4. (Click here to go to Question 4.)
5.
6.
7. (Click here to go to Question 4.)

3.
IF "GREATLY DECREASE" OR "STOP AUDITING:"
How important is each of the following as a reason why you plan to greatly decrease or stop auditing public companies in the next 5 years? (Please click one button in each row.)
    Very great importance Great importance Moderate importance Some importance Little or no importance Don't know
 
a. Litigation costs
 
b. Insurance costs
 
c. Talent/training costs
 
d. Complexity of accounting principles and auditing standards
 
e. PCAOB inspection costs and effort
 
f. Firm resource constraints - staff
 
g. Firm resource constraints - partners
 
h. Firm resource constraints - specialized technical and/or industry expertise
 
i. Firm not recognized by shareholders, banks, lenders, or underwriters
 
j. Other - please describe below
   

 
IF OTHER: please describe.

4.
Since 2003, has your firm resigned as auditor of record from any public companies?
1.
2. (Click here to go to Question 6.)

5.
IF "YES:" How important was each of the following as a reason why your firm resigned as auditor of record from any public companies?
    Very great importance Great importance Moderate importance Some importance Little or no importance Don't know
 
a. PCAOB inspection costs and effort
 
b. Litigation costs
 
c. Insurance costs
 
d. Talent/training costs
 
e. Complexity of accounting principles and auditing standards
 
f. Client/industry deemed too risky
 
g. Specific issues with the client
 
h. Client fees insufficient to cover audit costs
 
i. Other - please describe below
   

 
IF OTHER: please describe.


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