Neil Lerner, head of risk management at KPMG, said: ‘KPMG is pleased that the SEC has listened to the representations of large parts of the accountancy profession in the US.
‘It is very clear that the SEC has come a long way to meet the criticisms that we and others originally voiced.
‘However, while our initial reaction to the SEC statement is to welcome what has been proposed the devil is in the detail and we will have to examine closely the full text when it is made available.’The greatest impact of these new SEC rules will be felt in the UK and Germany which have the greatest number of SEC registrants.
‘The UK and Europe are already ahead of the US in many of the rules that the SEC now seeks to implement. KPMG still believes that principles are a better basis for regulation than lists of prescriptive rules.
‘We are disappointed nevertheless that the SEC does not appear to recognise the validity of independence systems outside the US.’
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
In our first Q&A looking towards 2017, Menzies senior partner Julie Adams flags up increasing digitisation, aligned with more hands-on consultative services, as the key mix for her practice