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TURNAROUND YEAR
Accounting Firms Boosted OC Staffs 3% in Past Year; Sarbanes-Oxley Keys Growth
By Chris Cziborr
Orange County’s biggest accounting and management consulting companies bolstered local employment 3% in the past year, with the Sarbanes-Oxley Act spawning demand for their services.
Sarbanes-Oxley, a corporate reform act, introduced tighter rules on accounting compliance, tracking and fraud. Professional services companies said Section 404 of the act, which requires public companies to boost oversight of fraud controls, has been a particular help to the industry.
The Business Journal’s list of OC’s 50 largest accounting and professional services firms ranks companies by OC employment. The companies on the list together employ 3,918 workers.
The job gains come on the heels of two consecutive years of declines. Last year, accounting firms on the list trimmed their OC staffs by 10%.
One notable change to the list: No. 5 PricewaterhouseCoopers sold its consulting arm to IBM Corp. last year, with about 240 Irvine workers going to IBM in the deal. Computer hardware maker IBM was not included in the ranking.
The list is dominated by the Big Four accounting firms,No. 1 Deloitte
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