As a result of corporate bankruptcies in 2002,some of the largest public accounting firms are no longer engaged in any consulting work.

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This statement is true. Following the corporate bankruptcies in 2002 (such as Enron and WorldCom), there were concerns over conflicts of interest in the accounting industry. As a result, the Sarbanes-Oxley Act of 2002 was passed, which restricted the ability of public accounting firms to provide certain non-audit services to their audit clients. This led some of the largest public accounting firms, such as PwC and KPMG, to spin off their consulting businesses or otherwise cease providing consulting services in order to comply with the new regulations.

As a Result of Corporate Bankruptcies in 2002,some of the Largest