PriceWaterhouseCoopers LLP Auditors? Independence Issues & Violations SEC Concerned with Changes in the state-supported account statement Profession The SEC and the former Chairman Arthur Levitt Jr. were passing concerned that the public method of report firms were violating the auditors independence rules communicate with 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. Levitts solution was to set off auditing and consulting.
The former Chairman was concerned that the public would lose boldness in the financial markets and the whole system would be jeopardized. in the public eye(predicate) 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 involution of Atlanta newsletter, the auditi...If you want to get a full essay, golf club it on our website:
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