The committee will examine auditing industry concentration, financial soundness, audit quality, employee recruitment and retention, and related topics. The committee is co-chaired by former US SEC Chairman Arthur Levitt and former SEC Chief Accountant Donald Nicolaisen. Paul Volcker, former chairman of the IASCF Trustees, is a member. IASB Chairman Sir David Tweedie is an observer, as is FASB Chairman Robert H Herz. The Committee will hold an open meeting on 3 December 2007. Here is 'Working Discussion Outline'
(PDF 82k) for the meeting.
Advisory Committee issues that relate directly to IFRSs include:
- Consider whether and how training and continuing education relating to IFRSs and international auditing standards need to be enhanced.
- Consider the impact on the curriculum of the potential acceptance of IFRSs and international auditing standards.
- Consider the impact of IFRSs and international auditing standards on faculty resources and requirements.
- Consider how the potential acceptance of IFRSs in the United States and the greater use of fair value and mark-to-model accounting will impact the largest auditing firms' network of affiliates.
- Consider how the potential acceptance of IFRSs and international auditing standards will impact audit market competition.