{"id":123,"date":"2000-08-02t07:30:00","date_gmt":"2000-08-02t12:30:00","guid":{"rendered":""},"modified":"2024-10-01t09:16:55","modified_gmt":"2024-10-01t13:16:55","slug":"levitt-tries-writing-history-on-the-backs-of-the-big-five","status":"publish","type":"post","link":"\/\/www.g005e.com\/2000\/08\/02\/levitt-tries-writing-history-on-the-backs-of-the-big-five\/","title":{"rendered":"levitt tries writing history on the backs of the big five"},"content":{"rendered":"

by: rick telberg <\/p>\n

aug. 2, 2000 (smartpros<\/a>) ? securities and exchange commission chairman arthur levitt appears to be attempting to undo almost two decades of regulatory complacence by taking an implacable line on auditor independence. clearly fed up with three years of arrogance and foot-dragging by the big five accounting firms, levitt is seeking to rend asunder auditing from consulting. <\/p>\n

he’s making up for lost time. over the last 20 years, the sec has allowed the auditing profession to branch far afield from its government-granted franchise. and the auditors are right to scream bloody murder, because everything they have done has been done under the watchful eye and nodding aproval of the sec. they could conceivably win their case in court. of course, by then it could be too late.<\/p>\n

some say levitt could force the break-up of the firms. but the big five themselves are hardly showing an iron front. ernst & young practically ghost-wrote levitt’s plan, shortly after getting the sec nod to take a $12 billion deal to sell its own consulting practice to cap gemini. and pricewaterhousecoopers was hardly in a position to complain about a crackdown, after an independent investigator found four out of five partners in violation of the existing ethics rules.<\/p>\n

that leaves kpmg, deloitte & touche and arthur andersen to protest. and protest they have. “the commission is rushing to judgment by means of a process that is fundamentally flawed, and without any factual justification,” they chorused in a joint statement.<\/p>\n

but they have gotten little support from the american profession. few rank-and-file certified public accountants have much empathy for the global goliaths. second tier grant thornton, for instance, issued a statement rebuffing the big three. grant called levitt’s plan “a step in the right direction.” and the firm strategically distanced itself from the big three with the “hope that the commission will focus attention on the special needs of middle-market, entrepreneurial companies.”<\/p>\n

but the firms have yet to bring out their big guns: congress. already they marshaled the efforts of women legislators who went on record saying the new rules would make it harder for dual-earning professional households. this is, of course, an election year in the states. anything can happen. that may be why levitt has been in such a hurry. he knows that should the republicans take over the administration, his days are numbered. reinforcing auditor independence could be one of the few legacies he leaves to history.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

by: rick telberg aug. 2, 2000 (smartpros) ? securities and exchange commission chairman arthur levitt appears to be attempting to undo almost two decades of regulatory complacence by taking an implacable line on auditor independence. clearly fed up with three … continued<\/a><\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"129943,130682,132993,134813,130726,130728","_relevanssi_noindex_reason":"","footnotes":""},"categories":[8],"tags":[],"class_list":["post-123","post","type-post","status-publish","format-standard","hentry","category-resources"],"acf":[],"yoast_head":"\nlevitt tries writing history on the backs of the big five - 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