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No More Mr. Nice Guy

Advice is harder to come by as outside auditors play it safe

By Staff Writer | Updated on October 01, 2004

Overly friendly relationships between corporations and their external auditors were blamed for some of the big financial scandals of recent years. As regulators lean on auditors and post-scandal regulatory changes take effect, companies are starting to experience the new reality: That warm, fuzzy feeling is gone.

Given the changes, auditors are making an effort to keep their clients at arm’s length. While auditor independence was clearly one of the goals of the governance reforms, some companies are complaining that it’s gone too far. Anecdotal evidence suggests that some companies are finding it hard to get advice from their auditors, while others are getting advice that may be unduly cautious.

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