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.