Treasury Advisory Committee On Audit Profession To Publish Draft Report For 30-Day Comment Period
May 5, 2008
FEI Summary

At its meeting on May 5, 2008, the U.S. Treasury Department's Advisory Committee on the Auditing Profession (ACAP), co-chaired by Don Nicolaisen and Arthur Levitt, Jr. voted to publish their 153 page Draft Report for a 30-day comment period.

(Separately, ACAP posted a one-page list of "Issues for observation or further discussion" for which the committee has not yet made formal recommendations.)

Based on the discussion during the meeting, it appeared there may be some minor modifications made to the Draft Report before it is formally posted for public comment (e.g. via publishing the Draft Report in the Federal Register), to incorporate some changes based on discussion at the meeting, and some additional comments of committee members. 

The next ACAP meeting will be June 3.

Summaries:

Here is an FEI summary of the recommendations contained in ACAP's May 5 Draft Report.

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