US Treasury advisory committee will consider IFRS impacts

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28 Nov 2007

In our news story of 4 October 2007, we reported that the US Treasury Department appointed a 19-member Treasury Advisory Committee on the Auditing Profession.

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.

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