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Kadet, who was in private practice for more than 32 years working in international taxation for major international accounting firms.
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If one of the big four international accounting firms collapsed, some large quoted companies might be stuck without an alternative.
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He brought in outsiders, the Big Four international accounting firms, to clean up the scandal-wracked, too often corrupt finances of the Vatican Bank.
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All the more reason, then, for the U.S. Securities and Exchange Commission to boost investor confidence by simplifying accounting practices for international firms, an issue the regulatory agency will address this week.
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The accounting firms also have huge international networks of offices, dwarfing those of even the biggest law firms.
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The company told Shanghai Daily on Monday that it intends to stick around and open up five new offices despite auditors like PwC getting caught up in the middle of ugly international class action lawsuits against Chinese firms for accounting fraud allegations.
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Firms that list on Germany's Neuer Markt must choose between accepted American or international accounting principles and must file quarterly accounts in German and English an explicit acknowledgment that the market for their shares is international.
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