Washington (Jan. 23, 2003) - Three days before the Securities and Exchange Commission is mandated to put the provisions of the new accounting oversight law into effect, the industry won a big victory when commissioners voted to allow audit firms to retain their tax consulting work and to soften proposed rules governing independence.

Tax-related advice makes up a huge percentage of most large auditing firms’ revenue, and the loss of such an income stream could have been catastrophic, especially for the Big Four firms.

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