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Firms give core values renewed attention after a year of scandal tarnishes accountants' image

The past 18 months of scandals, restrictive new laws and plummeting public opinion is steering many public accounting firms back to the basics: they're examining their core values and discussing what they stand for. Even firms with long histories of well-defined codified values are investing time

and money to keep them before employees and clients. Image and apple-polishing aside, there's a stronger business case than ever for identifying and discussing the values your firm embodies.

"I don't think there's any question that there's heightened interest in discussing core values among accounting firms, and there certainly is an increase in interest on campus" since the Andersen scandals, says Bill Hermann, MP at Plante & Moran of Southfield, Mich. (FY02 net revenue: $161.4 million, 150 partners, 1,250 total staff, 15 offices). He credits P&M's values-conscious culture with the firm's low employee turnover rate - 10% to 12% annually - and its regular appearance as one of the nation's best employers on lists published by Fortune and Working Mother.

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