A white paper from the U.S. Chamber of Commerce says that the auditing industry is "severely contracted' and could eventually lead to complete erosion of public confidence in the market.

The chamber, which represents 3 million businesses and organizations, wrote that just one more major merger or scandal -- leading to the elimination of either PricewaterhouseCoopers, Deloitte & Touche, Ernst & Young or KPMG -- would be too much for the auditing field to bear. According to the Securities and Exchange Commission, the Big Four firms audit about 80 percent of public companies in the U.S.

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