KPMG to Delay Consultancy IPO
The initial public offering of KPMG's consultancy business, which was covered extensively in the press earlier this year, has been delayed until probably early 2001 according to sources close to the firm.
The primary reason for the current delay is the current volatility of the markets, a situation unlikely to end until sometime next year. Previously this year, the firm had held off on floating the stock due to the uncertainly concerning negotiations with the SEC regarding the role consultancy is to play in the future of the accounting profession.
The proposed rules affecting auditor independence and the role of consultancy are to be decided next Wednesday, November 15, when the SEC votes on possible changes to the rules affecting accountants.