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Sarbanes-Oxley News & Developments
Break Up the Big Four?It may be time to break up the largest accounting firms.
> > Companies that are dissatisfied with their current auditor do not have much choice when it comes to picking another. In fact, for the next few months, they may have only one alternative. In April, the SEC barred Ernst & Young from accepting new audit clients for the next six months as a punishment for abuse of auditor-independence rules. Companies that have a consulting relationship with one of the two remaining firms and want to switch auditors are down to one option.
The lack of alternatives has led some critics to advocate splitting the Big Four into as many as eight accounting firms.
Source: CFO
Published:2004-06-02
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