Helen Shaw, CFO.com | US
November 15, 2006
From an investor's point of view, a 60 days after close filing is unreasonably long, with today's technology. What makes it reasonable is that there is insufficient experience auditors (both in accounting issues/procedures in the field and international business practices) from auditing firm to speed up the audit and to sign off. In order to lower cost, the auditing firm normally will have a large team of fresh graduates who have no experience in running a business, working in accounting department or in the real world. These audit team members wasted previous time after the close just to learn how to do their job and to understand why accounting work is being done in a certain way. Although prior to 1995's, the big 4 always hired the best available graduates from college, these individuals may be the brightest in school, and not in business. Believe some internship needs to be included in the accounting curriculum before they can join the accounting profession.
Posted by Margaret Lai | Nov 16, 2006 2:13 PM ET
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