Accounting Profession Benefits from Anti-Fraud Legislation

By Sarah Clark
Career Colleges Columnist

The Sarbanes-Oxley Act has been an incredible boon to the accounting industry. It’s all great news for those hoping to enter the field! Here’s the scoop on Sarbanes-Oxley and what type of training you need to launch a career in accounting!

In 2002, Congress passed the Sarbanes-Oxley Act in response to accounting scandals at some of America's largest companies, including Enron and WorldCom. Legislators and businesses didn't realize the new law would create such a great opportunity for accounting firms.

The Big Four Accounting Firms and Sarbanes-Oxley

The firms that have benefited most so far from the anti-fraud legislation are the Big Four accounting firms: Deloitte, KPMG, Ernst & Young, and PricewaterhouseCoopers. They have garnered much of the business stemming from Sarbanes-Oxley because, until recently, key parts of the legislation have applied only to large companies. But now smaller companies will also be required to have their internal financial controls audited by external auditors, an important element of Sarbanes-Oxley compliance. This could be good news for smaller accounting firms who are likely to provide regulatory compliance consulting and auditing services to small companies.

The Bureau of Labor Statistics (BLS) even attributes growth in the accounting industry to the Sarbanes-Oxley Act. Because of this anti-fraud legislation, jobs in accounting and auditing are expected to grow much faster than the average for all occupations through 2014.

CPA Training: Claim Your Stake

Where can you get the training required to become an auditor or certified public accountant (CPA)? You'll find programs at universities and colleges--both traditional brick and mortar establishments and private institutions that offer accounting degrees online. Programs will vary depending on the type of job you're looking for. Two-year degrees in accounting may help you get an entry-level job in a small to mid-size company as an accounting assistant, for example. If you wish to work for one of the Big Four, however, you'll probably need at least a bachelor's degree.

New standards guiding the education of CPAs now require that they receive 30 additional hours of relevant coursework beyond what is required for a bachelor's degree. This is resulting in a larger number of accounting degree majors pursuing master's degrees.

Join others who have found interesting, challenging jobs as CPAs and auditors. Start learning how you can get the credentials and training needed to land a job in corporate America.

Sources
The Bureau of Labor Statistics

About the Author
Sarah Clark is a freelance writer specializing in career development and postsecondary education.

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