Wilmette, Ill. (Oct. 16, 2003) - Despite the impact of such events as 9-11, the audit failures at Enron and WorldCom, and the demise of Andersen, a survey of nearly 200 CPA firms showed that the profession has rebounded from those disasters and posted respectable 2002 numbers.
According to the annual Rosenberg MAP survey, which included results from 185 firms, 115 of those with annual fees in excess of $2 million, revenues rose 7.5 percent vs. the prior year, while average income per partner hit $242,000, a rise of $3,000 vs. the 2001 results.
Annual staff charge hours, which had been steadily declining since 1999, blunted its precipitous decline, hitting 1,523 in 2002, compared with 1,531 in 2001.
Firms participating in this year’s Rosenberg MAP survey predicted a an across-the-board revenue increase of 6.1 percent in 2003.
-- WebCPA staff
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