Grant Thornton Survey: Regulation Overwhelming Auditors

In a recent Grant Thornton survey, more than two thirds (69 percent) of internal audit professionals say they’d love to focus on strategic risks, but regulatory compliance duties and the rising costs they incur are getting in the way. An additional 36 percent said these obstacles prevent resources from being allocated to higher-value priorities. Since almost the beginning of the recent financial global crisis, many industries have seen a sharp rise in regulatory control in an attempt to prevent the possibility of a future crisis. Auditors are saying that the regulators are defeating their own purpose by overburdening them and breaking the process down from within. For an excellent recap of the full survey, visit the Journal of Accountancy.