In fact, both said, they liked using their audit firm for non-audit services because they were comfortable with them and their auditor knew management and the business best.
Until 1997, for example, every single chief financial officer in Waste Management's history as a public company had previously worked as an auditor for Andersen.
Some of the problems the regulator sees with audits are a lack of auditor professional skepticism and an inappropriate focus on building and maintaining the client relationship with the company management rather than on performing a public duty for shareholders.