Treasury Panel Looks At Audits, Ignores Lawsuits

Law360, New York (September 26, 2008, 12:00 AM EDT) -- An advisory committee of the U.S. Treasury Department supported measures Friday to improve the auditing industry, but did not offer recommendations on how to protect such firms from potentially catastrophic lawsuits.

The Treasury Department's Advisory Committee on the Auditing Profession voted to adopt a report that contained more than 30 recommendations to try to improve the sustainability of the public company auditing profession.

Recommendations focused on three specific areas — improving accounting education; enhancing auditing firm governance, transparency, responsibility, communications and audit quality; and increasing audit...
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