Audit Firms Changing Their Business Models– What Audit Committees May Want to Know

BDO in the Boardroom

Key Takeaways:

• One of the roles of a board of directors is to continually assess the company and make decisions in the best interest of sustaining value for the long-term.

• Decisions to change business models should be weighed against the core purpose of the organization.

• Significant strategic changes necessitate the board to broadly evaluate the impacts on significant internal and external stakeholders.

References:

• SEC Chief Accountant Statement: Audit Independence and Ethical Responsibilities: Critical Points to Consider when Contemplating and Audit Firm Restructuring

• BDO as an ESOP Company