KPMG chief pulls out of SEC hearings
Stephen Butler, the global head of KPMG, has pulled out of the US Securities and Exchange Commission's hearings in New York today following a dispute over the timing of his appearance.
The hearings, which are seen as crucial to the future of the accountancy profession, were the second in a series of three. Butler had been due to appear in one of the afternoon slots, which he would have been sharing with five other witnesses. The panel has been allotted a total of 15 minutes to argue its case. Butler had earlier requested a morning slot as he was due to leave for a partners’ meeting in Germany.
In a letter to Arthur Levitt, SEC chairman, Butler reportedly wrote: ‘The few minutes the Commission has allotted me demonstrate that the Commission is not seriously interested in hearing my views.’
The SEC has argued that it had done its best to accommodate the many witnesses’ diverse scheduling needs.
Graham Ward, president of the English ICA, is due to go before the hearings later today. He will have a full thirty minutes, shared with only one other witness, to present his argument.
Preview of second round of hearings