SEC Proposes Restrictions on Audit Firms.

• Position: Brief Article

The Securities and Exchange Commission (SEC) has proposed a restriction that would ban auditing firms from offering non-audit services to their audit clients. The impact of this proposal would be enormous, as "the Big Five" accounting/consulting firms such as PricewatershouseCoopers have grown to rely on tax, consulting, and technology advisory services for the bulk of their revenues. The Big Five now obtain less than 50 percent of revenues...