KPMG Chief Withdraws from SEC Hearings

KPMG chief executive Stephen Butler pulled out of today's SEC hearings because of the lack of time allowed at the stand, according to the Financial Times.

Butler was allotted just 30 minutes to give his opinion on the controversial proposals, and would have had to share that time with five others. The KPMG chief asked to be heard in the morning, so he could leave for a meeting in Germany, but the agenda scheduled Butler to appear at 2:45 pm.

Butler withdrew from the hearing and wrote SEC chairman Arthur Levitt claiming that the Commission "is not seriously interested in hearing my views."

In May, Butler launched a no-holds-barred attack on the SEC rules governing auditor independence, calling the present independence framework "archaic, irrelevant and discriminatory."

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