Levitt to meet AICPA in Las Vegas
The grandiose Venetian Hotel in Las Vegas today plays host to a grudge match between Arthur Levitt, chairman of the Securities & Exchange Commission, and the American Institute of Certified Public Accountants.
As the battle between Levitt and the accountancy profession over auditor independence reaches its end game, attention will be focused on the gambling capital of the US where SEC chairman is due to address the AICPA?s annual conference.
AICPA has argued against the proposals, recently releasing a survey of independent investors revealing nine in 10 investors had confidence in the audits of the companies they invested in.
Levitt?s attempts to smash the link between audit and consultancy have angered the profession, and created a split between the Big Five firms.
In September PricewaterhouseCoopers and Ernst & Young put forward a compromise solution which would prevent auditors from offering larger, IT-based consultancy services to their clients.
Deoitte & Touche, KPMG and Arthur Andersen have remained resolutely opposed to the proposals.
It is believed Levitt will publish a final set of rules before the US presidential election on 7 November.
Links
Levitt under fire from US Senate
Where Levitt’s plan falls short
KPMG chief pulls out of SEC hearings
Big Five maintain pressure on SEC