Under the new rules, auditors must register with the Public Company Accountancy Oversight Board, which can inspect and discipline such firms.
However many small firms are concerned that the stringent conditions that are imposed on them could ruin their business if something goes wrong, according to the Washington Post. Many are now looking to reduce their workload with listed companies and focus instead on private clients.
So far only 88 firms have registered with the PCAOB.
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season