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Small clients dropped

Small clients dropped

by Rick Turoczy on September 18, 2004

Deloitte & Touche LLP, KPMG LLP and Ernst & Young LLP have dropped at least eight small U.S. audit clients in the past seven weeks, raising the concern of the Securities and Exchange Commission’s chief accountant.

The Big Four accounting firms, Deloitte, Ernst, KPMG and PriceWaterhouseCoopers LLP, say they are overworked as they help their biggest and most profitable clients meet a Nov. 15 deadline to improve financial reporting systems under the Sarbanes-Oxley law. The SEC is worried that the auditors may be using the law as an excuse to abandon some smaller audit jobs.

Small clients dropped

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