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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 74.45

+1.8%

Nov 3 9:30 AM EST

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To: RetiredNow who wrote (56939)	1/31/2002 9:57:27 AM
From: GVTucker	Read Replies (2) of 77397

Couldn't the market make that system competitive? It exists to a certain extent today. There are plenty of firms outside the Big 5 that do audits, at much cheaper prices than the Big 5. The main reason that most firms won't do business with them is that the market has tended to look askance at a non-Big 5 opinion. (Of course, now the market looks askance at an Arthur Andersen opinion, and rightfully so.) Don't use a Big 5 firm, the market gives your stock a discount. In your system, if a firm was deficient in the audit process, it would come out sooner or later. And the market would price the stocks of the companies that used that auditor with a discount.

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