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“The unintended outcomes from this proposal could consist of exit of smaller firms from the market, reallocation of firm and engagement staff effort and hard work far from audit high-quality-enhancing actions, and confusion amid traders with regards to interpretation of some of the metrics,” he wrote.
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The large accounting firms’ harnessing of technological innovation will drive companies to immediate big-scale lawful operate to them, reported Stuart Bedford, KPMG’s world wide head of legal services, within an interview.
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” He also was worried that several of the proposed metrics “[would] impose extreme administrative burdens on firms and engagement groups while some click here are ambiguous with respect to audit high-quality.”
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In its comment letter, best 10 accounting firm Grant Thornton said it supports “meaningful transparency to applicable stakeholders that could enrich their knowledge of audit firms.” Nonetheless, “we believe that supplemental review is required in order to find out what information is truly meaningful into the broader populace of ‘stakeholders,’ as explained inside the proposal.