Consumers Union supports the Commission's efforts to ensure that audits are the result of a credible and independent process. The Commission is right to propose ways to respond to the changing aspects of the financial marketplace, and in particular, how the business practices of audit firms might affect the audit process. Business consulting has grown substantially.
Some companies outsource many business aspects that used to be conducted internally.
The increasing amount of non-audit consulting work undertaken by audit firms raises concerns, especially where the audit and consulting work are done for the same company. Because conflicts of interest, either real or perceived, could lead to the appearance of impropriety and erode consumers' trust in the audit process, focus on this issue is warranted. At the same time, more consumers are putting their money in financial markets. Technological advancements, a good economy, and other factors, have spurred more and more consumers to invest. Consumers have a variety of information sources when making investment decisions.