Further, it is expected that the results will show that those
small companies who had the greatest drop in market valuation will be the
most likely to be acquired by companies in their industries fulfilling the
roles of market consolidators. This will be because those companies acting
as market consolidators will have purchasing power and the need in building
out their broader market strategies to include smaller, more niche-oriented
firms into their strategic plans. For larger corporations the costs of
being in compliance will be shown as a factor influencing their decisions
to offshore not only their Sarbanes-Oxley compliance initiatives, but their
entire business process management (BPM) initiatives as well. The larger
corporations will be seen as offshoring all unnecessary processes and tasks
so they can concentrate on their core businesses, often looking for a 40%
reduction or more in achieving compliance by using Indian outsourcers to
attain cost advantages. In this regard it will be shown to be
statistically significant that the Sarbanes-Oxley Act has in the end
contributed on average 30% of the net incomes of Indian outsourcers who
have become billion-dollar organizations as a result of serving large and
small publicly-held US corporations to become complaint with the Act.
References:
Columbus. 2006. Surviving Sarbanes-Oxley Audits. InformIT Magazine and
website. Accessed from the Internet on July 23, 2007 at location:
http://www.informit.com/articles/article.asp?p=415980&rl=1
Doogar, R. and R. Easley. 1998. Concentration without differentiation: a
new look at the determinants of audit market concentration, Journal of
Accounting and Economics 25: 235-253.
Doogar, R., N. Fargher and K. Hong. 2004. Leveling the playing field, or
crumbs from the table? The contestability of the audit market to middle
tier firms. Working paper. University of Illinois. May 2005.
Engel, E. R. Hayes, and X. Wang. 2004. The Sarbanes-Oxley act and firms'
going private decisions. Working paper. University of Chicago. May 2004.
Frances, J. and D. Simon. 1987. A test of audit pricing in the small-client
segment of the U.S. audit market, The Accounting Review 1: 145-157.
Government Accounting Office (GAO) 2003. Public Accounting Firms: Mandated
Study on Consolidation and Competition. United States...
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