Speaking to the American Institute for Certified Public Accountants this week, Securities and Exchange Commission chairman, Christopher Cox called for simplified accounting rules and increased competition in the country's audit sector.
Cox suggested that: "The accounting scandals that our nation and the world have now mostly weathered were made possible in part by the sheer complexity of the rules."
He went on to reveal that the SEC is "looking for recommendations on how to make the rules and their application much more clear, straightforward and transparent".
The SEC chief also drew attention to the fact that since the collapse of Arthur Andersen in 2002, the audit industry has been dominated by the 'Big Four' firms, Deloitte & Touch, Ernst & Young, KPMG and PricewaterhouseCoopers, observing that:
"There are many medium and small accounting firms that provide high quality services."
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