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June 19, 2007
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Treasury Seeks Nominations for Auditing Committee
Washington - The Treasury Department issued a notice in the Federal Register this week seeking nominations of individuals to serve on the Advisory Committee on the Auditing Profession. Secretary Henry M. Paulson, Jr. announced his intention to create the committee last month to assist Treasury in examining the sustainability of a strong and vibrant auditing profession, as part of the first stage of the Secretary's capital markets competitiveness initiative.
- The Treasury Department issued a notice in the Federal Register this week seeking nominations of individuals to serve on the Advisory Committee on the Auditing Profession. Secretary Henry M. Paulson, Jr. announced his intention to create the committee last month to assist Treasury in examining the sustainability of a strong and vibrant auditing profession, as part of the first stage of the Secretary's capital markets competitiveness initiative.Treasury will select 15 to 21 committee members representing the views of non-government entities or groups having an interest in the auditing profession, such as auditors, investors, public companies, and other financial market participants. The Department also requested names of professional and public interest groups that should be represented on the committee.
The public committee will evaluate and make recommendations to strengthen the auditing profession, which the Department expects the committee to release within a year. All full committee meetings will be open to the public.
Topics the committee is expected to consider include: the auditing profession's ability to attract and retain the human capital necessary to meet developments in the business and financial reporting environment; audit market competition and concentration; and the financial resources of the auditing profession, including the effect of existing limitations on auditing firms' structure; as well as those factors affecting audit quality.
Treasury will direct the committee to conduct its work with a view to furthering Treasury's mission to promote the conditions for prosperity and stability in the United States and the rest of the world and to predict and prevent, to the extent possible, economic and financial crises.
Nominations should be sent to acapmembership@treasury.gov or to the Advisory Committee on the Auditing Profession Membership, Office of Financial Institutions Policy, Department of the Treasury, Main Treasury Building, Room 1418, 1500 Pennsylvania Ave., NW, Washington, D.C. 20220. Nominations are due by July 11. -30-
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