U.S. Department of the Treasury forms Advisory Committee on the Auditing Profession 

Treasury’s advisory committee releases second draft report for 30-day comment

The Treasury Department’s Advisory Committee on the Auditing Profession released its second draft report for a 30-day comment period.

Following a meeting of the committee on July 22, there will be modifications made to the report as it exists right now. The Ohio Society will monitor the status of the report and make the membership aware as updates are available.

Donald Nicolaisen, co-chair of the committee, encouraged interested parties to submit comments on the report. The next meeting of the committee is Sept. 26.

Treasury Advisory Committee Testimony

• Testimony at Feb. 4 meeting addressed:

  • Human capital
  • Firm structure and finances
  • Concentration and competition
    
    
• AICPA’s Center for Audit Quality Executive Director testifies before Advisory Committee
  

Background and news on Advisory Committee

• Treasury’s advisory committee seeks comment on additional recommendations
• Treasury’s auditing profession advisory committee preparing final report
• Treasury’s auditing advisory committee issues preliminary recommendations
• Treasury’s committee on the auditing profession making progress; report due this summer
• Treasury Committee holds second hearing on the auditing profession
• Members of the Advisory Committee on the Auditing Profession
• AICPA CEO named to Treasury’s Advisory Panel on Future of Auditing Profession
• Advisory Committee on the Auditing Profession to take hard look at auditing future
• AICPA Center for Audit Quality submits comment letter

More hot issues being monitored by The Ohio Society:

• ASB Clarity Project
• FASB Major Initiatives
• FIN 48
• Fraud and Forensic Accounting
• IFRS (International Financial Reporting Standards)
• Peer Review Standards
• Regulation and Standard Setting in the Profession
• Sales Tax on Services
• SOX (Sarbanes-Oxley)
• Tax Reform
• Treasury Dept. Advisory Committee on the Auditing Profession 
• XBRL (eXtensible Business Reporting Language)

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