SEC ‘Complexity’ Committee Updates Recommendations
May 2, 2008
FEI Summary

On May 2, 2008, the U.S. Securities and Exchange Commission’s (SEC’s) Advisory Committee on the Auditing Profession (CIFiR, also known as the ‘Pozen committee’ for chair Robert Pozen) met to discuss its updated recommendations, and received further feedback from two panels of experts.

Panelists testifying before the committee on May 2 included former SEC Chief Accountant Lynn Turner, Citigroup’s Linda Bergen, Council of Institutional Investors’ Jeff Mahoney, BDO Seidman’s Ben Neuhausen, KPMG’s Mark Bielstein, MFS Investment’s Kevin Conn, American Express’ Brooke Richards and Financial Reporting Advisors’ John Stewart.

Here are links to the updated recommendations of CIFiR’s four subcommittees as of May 2:

·         substantive complexity (Subcommittee I),

·         standards-setting (Subcommittee II),

·         audit process and compliance (Subcommittee III), and

·         delivering financial information. (Subcommittee IV).

Check back to this FEI webpage; we will be adding a summary of highlights from the May 2 meeting.

Prepared May 6, 2008 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.