How much overlap exists between the two sets of rules--Sarbanes-Oxley and FDICIA--should determine how much accounting firms will charge for an audit.
Audit firms did not necessarily charge more for this advice.
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He decided to oppose the appointment of a prominent advocate for accounting reform to head a newly created oversight panel, then failed to disclose to either the White House or his fellow commissioners that his preferred choice, former CIA Director William Webster, had been in charge of the audit committee of a corporation accused of fraud.
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By this time London was also in charge of the KPMG audit practice for the region so any partner that was assigned in his place was also his subordinate.
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Meanwhile, former Andersen partner David Duncan , who was in charge of the Enron audit, is himself in talks with the Justice Department about cooperating in the criminal case against Enron, the Wall Street Journal reports.
At the very least, KPMG is almost certainly going to have to return the audit fees, amounting to tens of millions of dollars, and the firm may be liable for other damages if the courts determine that the firm was in any way derelict in monitoring and supervising Mr. London, who was in charge of some 50 audit partners and 500 employees.
Not only was Robert Allgyer, the Andersen partner in charge of Waste Management's audit, also the marketing director for the firm's Chicago office, but he worked for his audit client in another capacity as well.
But all the firms quickly saw that they could now charge a lot more for the audit itself given the new requirement for a separate opinion on internal controls over financial reporting and the amount of work some sloppy companies had to do to document, test, and confirm internal controls.
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The credit crisis, and then the financial crisis, ushered in a new austerity that has re-sized audit fees and put auditors on the defensive again, looking for new services and new ways to charge new and existing clients more.
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Following recent problems at several big Swiss insurance companies, the commission will also take charge of the insurance sector, as well as keeping a tighter watch on the performance of audit firms, some of which it feels have been getting too close to their clients.
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