Report of Advisory Committee on the Auditing Profession

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27 Sep 2008

At its meeting yesterday, the US Treasury Department's Advisory Committee on the Auditing Profession voted to adopt its final report containing more than 30 recommendations to improve the sustainability of the public company auditing profession.

Recommendations focused on three specific areas:
  • improving accounting education and strengthening human capital;
  • enhancing auditing firm governance, transparency, responsibility, communications, and audit quality; and
  • increasing audit market competition and auditor choice.
Several of the recommendations relate to the increasing use of IFRSs in the United States. The committee was created in May 2007 to examine key issues facing the auditing profession to encourage greater investor confidence. It was co-chaired by former US SEC Chairman Levitt and former SEC Chief Accountant Nicolaisen. Formation of the committee followed a March 2007 public conference organised by US Treasury Secretary Henry M Paulson, Jr to examine ways to improve the competitiveness of US capital markets. Conference participants identified financial reporting and investor confidence as major factor in US domestic markets' competitiveness. Click to download:


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