Dodd-Frank Act: How does this affect CPAs and their clients?
Sukanya Mitra (Managing Editor, AICPA)
| Aug 25, 2010What are the implications to CPAs?
Reference URL: http://www.deloitte.com/view/en_US/us/Industries/Banking-Securities-Fina...Topics:
Answers
Company:
Just as SOX fury winds down to a more reasonable place than it started, we get a raft of new regulations which will cause companies within and near the financial services industries to continue to pay through the nose for audit and legal services. I can see the G&A Outside Service expense lines expanding as I write this - what with all of the auditing and oversight that will be required in these industries. Related to this are new rev rec rules (ASU 2009-13&14) and the eventual coming of IFRS.
Note that I am not in the covered industries, but my board is discussing risk and regulation constantly, and in the communications biz we are heavily regulated, so this speaks to me. And as a consumer of what is already a ton of audit and legal services, I can't say that I'm happy with more and more layers of oversight, and I'm sure it will only drive operating costs in one direction...