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According to the efficient market hypothesis, the market for securities can be described as efficient if the market reflects all available information and reacts quickly to new information (Schroeder and Clark 1998). Investors depend on financial statements to help them judge opportunities, risks, and investment alternatives (Revsine, Collins and Johnson 1999). This information must be veri- fied by independent sources such as auditors. The relationship between auditor and stockholder is based on agency theory (Schroeder and Clark 1998), where the agent (auditor) has a fiduciary re- lationship with the principle (stockholders). Any loss of faith in auditor independence by investors will seriously affect the information value of financial statements. Auditor independence rules must be easy to understand and rigorously enforced or the public's confidence in financial statements will erode. This paper will specifically assess the difficulties encountered by large accounting firms such as PriceWaterhouseCoopers (PWC) and Arthur An- dersen in their efforts to remain independent with respect to their e-commerce clients. Many e- commerce companies have innovative and untested business models as well as inexperienced and untraditional business managers. Some auditors fail to measure the risk associated with these in- tangible, knowledge-based attributes. In addition, auditor independence may be blurred by the promise of lucrative consulting contracts. According to Arthur Levitt, the Chair of the SEC in 1999:

The Effect Of Auditor Independence On International Capital Markets For eCommerce Firms