The US Treasury Secretary, Henry Paulson, has announced a committee of 19 lawyers, accountants and financial services executives and academics who are to look at ways of improving the concentration of the US audit profession.
The panel – which is one of several official efforts designed to boost the competitiveness of the US capital markets – has been tasked with making recommendations by 2008. It will examine industry issues, the business model used by the audit industry, and ways to draw and maintain more capable practitioners.
Reuters.com reported that the committee includes Xerox CEO Anne Mulcahy, KPMG CEO Timothy Flynn, and head of the Council of Institutional Investors Ann Yerger, as well as Barry Melancon, president of the American Institute of Certified Public Accountants.
The committee follows similar efforts in the UK, where the Financial Reporting Council initiated the formation of the Market Participants Group (MPG) which last year began examining the level of choice of audit firms in the market.
The MPG's final recommendations are due later this month.
Further reading:
US Treasury Names Members Of Audit Advisory Group
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