US Treasury committee will examine the auditing profession

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04 Oct 2007

The United States Department of the Treasury has named 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 Securities and Exchange Commission Chairman Arthur Levitt and former SEC Chief Accountant Donald Nicolaisen. Paul Volcker, former chairman of the Trustees of the International Accounting Standards Committee Foundation, is a member. IASB Chairman Sir David Tweedie is an observer, as is FASB Chairman Robert H Herz. Treasury expects the committee to produce findings and recommendations by early summer 2008. Appointment of the committee is part of a four-pronged initiative to strengthen auditing and financial reporting in the United States, announced in May 2007 (see our News Report of 18 May 2007). Click for:

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