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.’
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