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Big four under fire from all quarters.

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Vincent
PositionDeloitte & Touche AB, Ernst & Young L.L.P., KPMG L.L.P. (London, England

Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers are fighting to prevent another Andersen-style meltdown as they all face the possibility of damaging prosecutions.

PwC faces tough questions from US regulators investigating accounting irregularities at American International Group (AIG), the world's biggest insurance company. As the firm's auditor, PwC is likely to be grilled on exactly when it spotted problems that prompted AIG to restate its accounts for the four financial years to 2003. The adjustment wiped 1.32bn [pounds sterling] off the company's net worth.

Both KPMG and Ernst & Young are being investigated by the US Department of Justice for the sale of tax-avoidance schemes to their clients in the nineties. KPMG's products were allegedly used to claim losses on clients' tax returns that could then be offset against income and capital gains. Both companies have since restructured their tax practices.

Deloitte is embroiled in the Parmalat...

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