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Drought Drives Up Business Costs in Unexpected Ways, According to American Accounting Association Study
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LAKEWOOD RANCH, Fla., Feb. 22, 2021 /PRNewswire/ A recent study of thousands of corporate audits from across the United States, which appears in
Auditing: A Journal of Practice & Theory, shows that companies in areas experiencing drought conditions faced heightened business risks – and were therefore required to pay significantly higher audit fees. The finding highlights the need for an increased focus on the myriad ways climate change affects business operations and expenses.
American Accounting Association The main idea here is very simple: climate risk may seem unrelated to auditing, but it is not trivial, says Cameron Truong, co-author of the study and a professor of accounting at Monash University. Firms, auditors, and regulators should be paying attention to this risk.