PwC Joins in Fight Against SEC
Accounting Web (08/31/00) Vol. 104, No. 42 p.1; Rehm, Barbara A.

PricewaterhouseCoopers, the only Big Five hold out in regard to the battle against the SEC proposal on auditor independence guidelines, has finally joined the others in the fight and has issued a letter to its clients, stating that the proposed plan "goes too far." At first, the Big 3--Andersen, Deloitte, and KPMG-- stood up against the SEC, while Ernst & Young and PwC supported the independence guidelines change. However, Ernst & Young soon switched sides, deciding that the proposal would make entering into strategic alliances or joint ventures unachievable for audit firms. Meanwhile, PwC has created a unified front, with CEO James J. Schiro arguing that the proposed guidelines would restrain the profession and hinder accounting firms' ability to assist clients.


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