In this article a financial crisis has occurred that has allowed the number of auditing firms
to fall immensely. This fall led to a decrease in the cost of auditing services due to
competition between auditors. This is bad for an auditing firm because it can lead to a fall
in audit service quality. This auditing failure came from the fall in audit fees. The audit
could have been avoided if the firm took charge immediately to make sure quality was
keeping up to standards. Keeping quality up to standards would have allowed for the
company to keep their fees at their current price. This article confirms my opinion on the
current climate in auditing because many things can happen at any time that can cause
something within your firm to change which can result in an outcome that may be good or
bad for the firm.
Low-cost trends in audit fees and their impact on service quality: Multi-Search (snhu.edu)
