Survey: Sarbanes Oxley impacting tax services from Auditors
The International Tax Review's annual survey of the North American market for international tax services showed that the audit-committee-approval process that the Sarbanes Oxley Act* demands means that more than half of the tax executives surveyed said they have stopped, or plan to stop within the next 12 months, receiving tax advice from their auditor.
Many corporate tax directors are going to one of the other big-four professional services firms for tax advice as well as the international law firms and the tax and transfer pricing boutiques.
The extra approvals and compliance requirements in the law also meant that many tax directors complained of delays, higher costs and a growing workload that was not being met with bigger budgets.
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