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Source: Marketrends
Susan Lanfray, director of marketing, ERE LLP ([email protected]), singles out five practice areas with strong potential growth:
- SOX compliance. Private companies in public companies’ supply chains subject to SOX section 404 are potential opportunities for smaller accounting firms.
- Forensics and fraud detection services. Ex SEC chairman Harvey Pitt proposed that all public companies have forensic examinations by auditors other than their financial statement auditors. CPAs who have the ability to work on computer fraud issues will be in great demand.
- Business valuation. This has been the top accounting firm niche for the last five years. Business valuation is needed for mergers & acquisitions, litigation, divorce, succession planning, and ESOPs (editors note: and estate and gift planning).
- Risk management. As regulators and investors increasingly focus on corporate governance, there will be more opportunities for engagements in internal control and computer security.
- Financial services. Baby boomers about to reach retirement age are concerned about their financial futures. Nearly 40 percent of CPA firms plan to offer financial planning in 2006, compared to 12 percent in 2002.
From Marketrends, July/August 2005. Association for Accounting Marketing, Inc., Kansas City, MO,
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