A problem beyond the shortage of CPAs is that some municipal audit firms are exiting the business. It tends to be a high-burnout, low-margin business. We recently had one firm here in Oregon that was a mainstay of the municipal audit field stop taking on new audit clients to focus on their consulting business.
Wow. So it sounds like things could get significantly worse without some sort of miraculous turnaround. And I'm surprised to learn that about the burnout. I admit I didn't realize the economics of the business were so poor.
A problem beyond the shortage of CPAs is that some municipal audit firms are exiting the business. It tends to be a high-burnout, low-margin business. We recently had one firm here in Oregon that was a mainstay of the municipal audit field stop taking on new audit clients to focus on their consulting business.
Interesting info there, but not surprising. It can be difficult when one's primary customers are governments, vs. profit-oriented enterprises.
Wow. So it sounds like things could get significantly worse without some sort of miraculous turnaround. And I'm surprised to learn that about the burnout. I admit I didn't realize the economics of the business were so poor.