SEC considers post-Big Four world

The Securities & Exchange Commission is privately considering what to do
should one of the Big Four firms collapse, the Wall Street Journal has

KPMG plays down
charges over illegal tax schemes

The SEC, the powerful US financial watchdog, has been considering in
particular whether or not to relax rules on audit quality that it instituted two
years ago.

The need to consider a post-Big Four climate has been made more urgent by
KPMG’s recent difficulties.

Some have suggested the firm may face criminal charges for its role in
advising on illegal tax shelters in the late 1990s, posing a severe threat to
its reputation and future.

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