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

Impediments to Expansion

To what extent do you think that each of the following is an impediment for your firm to expand its market share of public companies for which it serves as auditor of record?
    Very Great Extent Great Extent Moderate extent Some Extent Little or no extent Don't know
a. Expansion costs (additional staffing, training, marketing)
b. Firm's international reach
c. Firm's national reach
d. Name recognition or reputation with potential clients
e. Liability insurance costs and claims
f. Name recognition or credibility with financial markets and investment bankers

    Very Great Extent Great Extent Moderate extent Some Extent Little or no extent Don't know
g. Ability to recruit/retain qualified staff
h. Technology (upgrading or changing systems)
i. Complexity of accounting principles and auditing standards
j. Specialized technical and/or industry expertise
k. Varied state licensing requirements
l. Actions/strength of competition
m. Other - please describe below

IF OTHER: please describe.

How effective do you think each of the following measures would be for your firm to increase the number of public company clients for which you are auditor of record?
    Very effective Moderately effective Somewhat effective Slightly effective Not at all effective Don't know
a. Merger/acquisition
b. Participation in an affiliation such as a network
c. Alternative practice structures
d. Ability to raise capital
e. Liability/tort reform
f. Mandatory audit firm rotation
g. Access to specialized technical and industry expertise
h. Regulatory changes - please describe below
i. Other - please describe below

IF “OTHER” OR “REGULATORY CHANGES:” please describe.

Since 2003, has your firm experienced a net increase or decrease in the number of public company clients in the following categories for whom it ONLY performs NON-audit services (including tax, management consulting, Section 404 outsourcing work, and other services)?
    Great increase Some increase Little or no change Some decrease Great decrease Not applicable Don't know
a. Large public companies (Fortune 1000)
b. Mid-sized public companies (market cap of greater than $75 million, but not Fortune 1000)
c. Small public companies (market cap of less than $75 million, not Fortune 1000)

Full Report: GAO-08-163 Table of Contents | Previous | Next