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Statement From Big Five CEOs

����Copyright © 2001�� PR Newswire

����Joseph F. Berardino�� Andersen

����Stephen G. Butler�� KPMG

����James E. Copeland�� Jr.�� Deloitte & Touche

����Samuel A. DiPiazza�� PricewaterhouseCoopers

����James S. Turley�� Ernst & Young

NEW YORK�� Dec. 4 /PRNewswire/ ���� The following is being issued jointly by Andersen�� KPMG�� Deloitte & Touche�� PricewaterhouseCoopers and Ernst & Young��

����As with other business failures�� the collapse of Enron has drawn attention to the accounting profession�� our role in America's financial markets and our public responsibilities. We recognize that a strong�� diligent�� and effective profession is a critically important component of the financial reporting system and fundamental to maintaining investor confidence in our capital markets. We take our responsibility seriously.

����The issues are broad and complex. When businesses fail and public confidence wanes�� all involved in the capital markets have a responsibility to actively seek to understand the core problems and pursue meaningful solutions. We encourage other market participants to engage in self-scrutiny and take significant steps.

����Working together�� our five firms are committing our attention and resources to evaluate and chart a course to address issues important to investors. We are also committed to future action based on insights gained from current events.

����Enhancing Financial Reporting

����We are developing specific recommendations to the SEC for improved disclosure guidance on related party transactions�� special purpose entities ��SPEs���� and issues related to market risks�� including those relating to energy contracts. We will work with the profession to submit these recommendations by the end of the year�� and urge that this additional information be available to investors in 2001 annual reports.

����On a broader scale�� we will work with the SEC as it begins the process of modernizing our financial reporting system�� which is long overdue. Too often�� financial statement disclosures are plentiful but may lack meaning. Many different streams of information ���� not just earnings ���� are needed for informed decision-making�� and backward-looking financial statements delivered on a periodic basis no longer are sufficient to communicate real value and risk.

����The process of accounting standard-setting is too cumbersome and slow in today's economy. Working with others�� we will find ways to streamline and modernize the system.

����Enhancing Audit Effectiveness

����In light of the current challenging business environment�� we are preparing an assessment of risk factors that may be important for financial statement preparers�� audit committees and auditors to consider during the current reporting cycle.

����Last year�� the independent Panel on Audit Effectiveness issued a comprehensive report on audit process improvements. Many of the recommendations have been put into place and the others are under active consideration. We are committed to timely implementation. As we learn more from the lessons of current events�� we will work with others in the profession to evaluate its self-regulatory mechanism. We recognize that the profession must maintain the confidence of investors. Self-regulation is right for investors�� the profession�� and the financial markets�� and we know that changes are needed. We will work to make the right improvements in a timely way.

����CONTACT��

����Michelle Hartz�� +1-703-533-1915�� for Andersen KPMG�� Deloitte & Touche�� PricewaterhouseCoopers and Ernst & Young