An additional 115 audit firms active in this market were identified.
Might companies fight audit firms, which generally think Section 404 is a good thing?
Having this additional working relationship with the client would result in questions being asked of the independence of the audit firm.
No audit firm wants to have to explain to the press the loss of a big client.
Under the Italian rules, companies must change audit firms after nine years.
We can't start asking audit firms to do their job for free just to make sure they are independent.
Yet few audit firms have chosen to protect themselves by becoming limited companies, an option that has been open to them since October last year.
Thirty percent of the Commission's audits were carried out by five private audit firms.
His first job after graduating was in an audit firm.
The company would, of course, be free to explain what had happened, and to put its spin on it, as would the audit firm.