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Sarbanes-Oxley News & Developments
Firms Fortify Financial Reporting Amid Fallout of Corporate Governance CrisisSarbanes-Oxley, which stipulates accounting standards for public companies, is now having an impact on private companies.
> > Staffing experts say that as private companies beef up their financial reporting standards, internal audit professionals will see a demand for their services. Owners of private companies, their boards of directors and their investors insist on having confidence in financial results of an organization. The translation into a high demand for individuals who are skilled in internal auditing or compliance.
In a survey of 1,356 chief financial officers from private companies, 38% said that private firms would benefit from rolling out the practices mandated under the Sarbanes-Oxley Act of 2002. The survey also found that executives at bigger firms were more inclined to adopt the rigorous accounting standards. Some private companies are already moving in that direction.
Recruiters say that opportunities lie both at consulting firms and in companies internal audit departments. The key positions that could soon open up are for auditors, information technology auditors, compliance officers, accountants and human resource professionals. Some recruiters warn that the heat in the auditing job market could cool down when the Sarbanes-Oxley deadlines come and go in coming months.
The big hiring thrust continues to be in public companies. Experts say that a specialization in SEC related reporting will prove useful for jobs in public and private companies.
Source: Hoovers
Published:2003-10-03
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