from the yahoo CPQ investor's club... looks like some PW conflicts forced the change, and the deadline was March 31... I wonder what other clients will have to ditch PW because of these conflicts.
For rudedog, re auditor change
thames_sider
(30+/M/Berkshire, England) 2/24/00 8:06 pm
This is re the thread on SI, Message 12967822
THe SEC's been clamping down on 'potential' conflicts of interest where consultants to a firm, possibly owning shares or with a direct interest in that firm's success, are in the same partnership as the firm's auditors. PwC is the most affected.
There's some good articles at ft.com
(one linked here...)
>> Susan Coffey, vice-president of self-regulation at the AICPA, said there was a renewed sense of urgency and concern in the profession following a report last month that exposed more than 8,000 violations of share ownership regulations at PriceWaterhouseCoopers, the world's biggest auditor. She said the tough deadline and sweeping guidelines were to give the firms "a clean cut-off on March 31 to go forward" and implement quality controls. The PwC report, commissioned by the US Securities and Exchange Commission, found partners and other staff holding shares issued by public companies audited by the firm. The SEC has charged that it is the culture at the top of the largest firms, and not the rules, that is jeopardising the independence of audits. <<
news.ft.com ue&useoverridetemplate=IXLZHNNP94C
search:
search.ft.com s+SEC+conflict+&Go.x=22&Go.y=4
In other words, you're right - it's nothing to do with CPQ per se and should be no problem (assuming E&Y don't find any nasty secrets...).
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