Big Five - KPMG's flotation will not change stance against SEC.
KPMG has said the flotation of its consultancy arm in the US will not change its stance against the Securities and Exchange Commission proposals on auditor independence.
The Big Five firm last week moved to deny reports that the #3.4bn flotation implied it had ‘acquiesced’ to the SEC, and said it would maintain staunch opposition in support of its US branch, to the proposals.
KPMG has been outspoken in its criticism of the SEC and its proposed new rules which would mean the separation of audit firms from their consultancy divisions.
KPMG in the UK has even gone so far as to say it could not rule out legal action against the SEC if the proposals went ahead.
Reports in last week’s press claimed opposition to the SEC had receded because of the KPMG Consulting flotation and the divorce settlement between Andersen Consulting and Arthur Andersen.
However, the initial US flotation will not affect consulting services in the UK, which will remain under the same roof as auditing services.