The Sarbanes Oxley Act has triggered an unprecedented demand for qualified accountants in the US, as companies continue to hire staff to fulfil their new compliance requirements.
Accountancy Age, 05 Nov 2004
The biggest driver in the recruitment frenzy is section 404 of the Act, which forces companies for the first time to report on their internal control systems.
'There's a tremendous demand for accountants,' said Randy Elder, director of the Lubin school of accounting, part of the Martin J Whitman School of Management at Syracuse University, The Post Standard in the US reported.
'I've been here 13 years and last year was the only one that all four big [accounting] firms came to campus. We are also seeing more interest from the smaller firms, as well.'
The Act is also having a similar effect in the UK, with both accountancy firms and listed companies scrambling to recruit qualified staff to deal with the new disclosure and compliance requirements.
The Act also affects all non-US companies listed on US stock exchanges.
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