The increasing reliance of the Big Four accounting firms on their consulting and advisory practices may threaten the independence of their audit practices, according to some auditing experts.
A roundtable discussion Monday at New York University’s Stern School of Business on the re-emergence of consulting practices at major audit firms featured a panel of influential accounting watchdogs. They included former Federal Reserve chairman Paul Volcker, former Financial Accounting Standards Board chairman Bob Herz, NYU professors Sy Jones and Stanley Siegel, journalist Francine McKenna, and attorney Christopher Davies of the law firm WilmerHale.
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