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Advisory Committee on the Auditing Profession to take hard look at auditing future

The Treasury Department’s new Advisory Committee on the Auditing Profession will meet some challenges this year facing the audit profession by making recommendations to encourage a more sustainable auditing profession.

The committee will focus on auditing profession concentration, financial soundness, audit quality, employee recruitment and retention, in addition to other topics. Treasury expects the committee to produce findings and recommendations by early summer 2008.

Paulson and other Treasury Department officials have expressed concern about the way the profession operates, saying it places too much risk on audit firms if they fail to spot problems. That liability has made firms much more rigid in their audits, prompting complaints from U.S. corporations, which say they are being hampered by an overly strict approach.

Serving on the 21-person committee is Barry Melancon, President and CEO of the AICPA, and Ohio Society member Gary Previts, CPA, professor of Accountancy at Case Western Reserve University.

For more information, visit the Advisory Committee on the Auditing Profession’s Web site.

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