[tcrlaf]

Tough luck....

The mid-90’s legislation that allowed banks to buy the auditors was the WORST financial legislation to come out in DECADES........

It led to some of the biggest Corporate debacles in history, with the supposedly neutral auditors overpowered by the banking side which wanted the commisions.

Which wins?
the $3 million audit contract?
Or the $500 million in commissions from the derivitive sales?

[VegasCowboy]

The mid-90’s legislation that allowed banks to buy the auditors was the WORST financial legislation to come out in DECADES........

No audit firm is owned by a bank. They are all partnerships owned by the partners. I think you are confusing auditors with investment analysts. The mid-90s legislation allowed banks to enter into the investment business, and the so-called "Chinese Wall" between the analysts and the salesmen began to crumble, with pressure placed on the analysts to boost stocks in which their firm had a vested interest.

Also, this issue relates to tax shelters and has nothing to do with the audit side of KPMG.