Post A profile of SEC Chairman Arthur Levitt Jr. Last year, the SEC audited KPMG Peat Marwick. Lawyers' world changes as law firms scramble to lure clients, increase billings.
Accountants are under financial pressures that some say imperil their independence.
The competitive pressures of the modern marketplace are causing ethical dilemmas for all of America's professions. SEC Chairman Arthur Levitt Jr. He has repeatedly warned that the independence of the auditing function is being threatened by the growing business ties between accountants and the companies they audit. An example of the business links that concern the SEC was a move by KPMG Peat Marwick LLP several years ago to offer consulting services to some longtime clients. But the SEC decided the next year to reexamine the plan. Then, in June 1996, the SEC's enforcement division launched an investigation into KPMG's dealings with one of its audit clients, Porta Systems Inc., a publicly traded maker of telecommunications equipment.