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SEC Concerned with Changes in the Public Accounting Profession
The SEC and the former Chairman Arthur Levitt Jr. were extremely concerned that the public accounting firms were violating the auditors independence rules addressed through the Securities Exchange Acts. Auditing firms now had dual citizenship in public companies: (1) they issued opinions on audited financial statements and (2) they participated in various consulting engagements for those same companies. Levitt's solution was to split auditing and consulting. The former Chairman was concerned that the public would lose confidence in the financial markets
and the whole system would be jeopardized.
Public Accounting Revenues vs. Consulting Revenues by 1999
By 1976, audit fees accounted for approximately 70% of total revenue earned by any accounting firm in general. According to the Public Accounting Report, an Atlanta newsletter, the auditing and assurance services revenues dropped to 30% and tax services......
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Title: Pricewaterhousecoopers Llp Auditors' Independence Issues & Violations
Approximate Word Count: 1999
Approximate Pages: 8 (250 words per double-spaced page)
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Pricewaterhousecoopers Llp Auditors' Independence Issues & ...
PriceWaterhouseCoopers LLP Auditors' Independence Issues & Violations. SEC
Concerned with Changes in the Public Accounting Profession ... ... -
The Big 5 Audit Organizations:
... and some executives "deliberately misled" Deloitte's auditors. ... February of 2005,
PricewaterhouseCoopers LLP acknowledged violating ... of its independence policies ... ... -
Accountant's Liability To Third Parties
... highly publicized case, auditors were deemed ... Lack of auditor independence from companies ...
defendants was PricewaterhouseCoopers LLP and PricewaterhouseCoopers ... ...
