Big 4 on The Proposed Audit Changes

I have been covering the World Economic Forum since 2004 but this is probably the first year that I have spoken to all 4 of the Big 4 and there is one reason- I wanted to know how they are responding to the several proposals across the world- namely by the PCAOB and the European Commission- on mandatory audit firm rotation and restrictions on providing non-audit services to audit clients. Well here are the Big 4 - all reacting to the regulators proposals to cut them down to size. 

Doshi: The new regulatory proposals that audit firms across the world are facing- the key proposal being audit rotation and there seem to be two drivers to that - both the attempt to try and raise audit quality in the face of all the financial collapse etc that we have seen in the last few years and equally I think in Europe the concern has been the dominance of the Big 4. How do you react to these proposals and how effective do you think they are going to be to be able to meet both these key concerns? Michael Andrew, Chairman, KPMG International