FEI Responds To Treasury Advisory Committee On Auditing Profession

July 3, 2008

FEI Summary

On July 3, 2008, FEI’s Committee on Corporate Reporting (CCR) sent a comment letter to the U.S. Treasury Department on the Draft Report and Addendum released by Treasury’s Advisory Committee on the Auditing Profession (ACAP).

The letter, signed by CCR Chairman Arnold C. Hanish, was addressed to ACAP Co-Chairs Arthur Levitt, Jr. and Donald Nicolaisen.

“CCR supports the efforts of the ACAP in developing recommendations designed to enhance the sustainability of a strong and vibrant public company auditing profession, and in support of Treasury’s mission to promote conditions for prosperity and stability,” said the CCR letter. “We also appreciate that ACAP’s goal, like that of the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR), is broad and daunting, but necessary.”

“Importantly, CCR recognizes the role of our own members, preparers of financial reports, in providing complete, timely, and reliable financial information,” the letter continued, adding, “We concur in the need for focus on the sustainability of the profession that audits this information.”

An attachment to the letter contains CCR’s detailed views in response to the recommendations contained in ACAP’s May 5 Draft Report and the Addendum subsequently issued by ACAP.

Read CCR's comment letter for details.