Andersens hires top lawyer for SEC fight
Arthur Andersen has hired a top US lawyer to take on the Securities & Exchange Commission over its rules on auditor independence, the Sunday Business reported yesterday.
David Boies – who is best known for his victory as government attorney in the Microsoft anti-trust case – is nicknamed ‘Jaws’ for the way he tears into witnesses.
The SEC wants to ban auditors from offering clients consultancy and legal services to prevent so-called conflicts of interest.
Last week, Big Five firm KPMG said it would ‘seek to put pressure on the SEC’ by lobbying with the UK government and the European Commission.
On Wednesday, the SEC will hold a public hearing in Washington in connection with its proposed rule amendments regarding auditor independence. Andersens, KPMG and Deloitte & Touche will all be represented.
Audit Independence – SEC turns on firms again.