In a syndicated story published by the San Francisco Chronicle, noted financial guru Jane Bryant Quinn gives her own spin to the SEC hearings concerning the independence of accounting and consulting firms.
In this story, she brings the facts to a level that would be interesting to investors rather than the firms themselves based on what a ruling for or against the firms could mean.
Specifically, a negative ruling could affect the cost of stocks and bonds. 'If an auditor accepts an aggressive accounting position ... one that overstates a profit ... it places all stockholders in danger,' she says. 'The price of your stock will plunge, if the truth comes out.'
It appears as if Quinn, herself, favors enforcing a split of the accounting and consulting function when she says, 'Specifically, an auditing firm should not be certifying financial statements that the firm itself produced.'