Open Meeting of the Advisory Committee on the Auditing Profession, 28208-28209 [E8-10817]
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Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Notices
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company’s size and financial reporting
needs.172 This may enhance competition in
the audit industry. Accordingly, the
Committee encourages such an approach as
a best practice for all public companies. The
Committee also urges exchange selfregulatory organizations to adopt such a
requirement as a listing standard. In addition,
to further enhance audit committee oversight
and auditor accountability, the Committee
recommends that disclosure in the company
proxy statement regarding shareholder
ratification include the name(s) of the senior
auditing partner(s) staffed on the
engagement.173
Recommendation 6. Enhance regulatory
collaboration and coordination between the
PCAOB and its foreign counterparts,
consistent with the PCAOB mission of
promoting quality audits of public companies
in the United States.
The globalization of the capital markets has
compelled regulatory coordination and
collaboration across jurisdictions. Regulators
of public company auditors are no exception,
as companies increasingly seek investor
capital outside their home jurisdictions and
the larger auditing firms create, expand, and,
in some audits, increasingly rely on global
networks of affiliates in order to provide
auditing and other services to companies
operating in multiple jurisdictions.174 The
Committee considered commentary regarding
the PCAOB’s regulatory role on a global
basis.175
172 See also FRC Update 5, 7 (recommending that
‘‘the FRC should amend the section of the Smith
Guidance dealing with communications with
shareholders to include a requirement for the
provision of information relevant to the auditor reselection decision,’’ and that ‘‘investor groups,
corporate representatives, firms and the FRC should
promote good practices for shareholder engagement
on auditor appointment and re-appointments’’).
173 As discussed above, the Committee also
believes that this ratification process would be
made more meaningful if accompanied by the
development and disclosure of key indicators of
audit quality.
174 See Record of Proceedings (Feb. 4, 2008)
(Written Submission of Cynthia M. Fornelli,
Executive Director, Center for Audit Quality, 16),
available at https://www.treas.gov/offices/domesticfinance/acap/submissions/02042008/Fornelli
020408.pdf (noting the ‘‘growing consensus that
regulators on every continent would be well served
by working more closely together in the interest of
improving worldwide audit quality’’); PCAOB Press
Release, PCAOB Meets with Asian Counterparts to
Discuss Cooperation on Auditor Oversight (Mar. 23,
2007), available at https://www.pcaobus.org/News_
and_Events/News/2007/03–23.aspx (’’The PCAOB
strongly believes that dialogue and cooperation
among auditor regulators are critical to every
regulator’s ability to meet the challenges that come
with the increasingly complicated and global
capital markets.’’).
175 See, e.g., PCAOB Briefing Paper, Oversight of
Non-U.S. Public Accounting Firms (Oct. 28, 2003);
PCAOB Final Rules Relating to the Oversight of
Non-U.S. Public Accounting Firms, PCAOB Rel. No.
2004–005 (June 9, 2004); Request for Public
Comment on Proposed Policy Statement: Guidance
Regarding Implementation of PCAOB Rule 4012,
PCAOB Rel. No. 2007–001 (Dec. 5, 2007); PCAOB
Chairman Mark Olson and EU Commissioner
Charlie McCreevy Meet to Discuss Furthering
Cooperation in the Oversight of Audit Firms,
PCAOB Press Rel. (March 6, 2007); PCAOB Meets
with Asian Counterparts to Discuss Cooperation on
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22:36 May 14, 2008
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The PCAOB has the statutory
responsibility for ensuring quality audits of
public companies. In a world of global
business operations and globalized capital
markets, the PCAOB benefits from
cooperation with foreign auditing firm
regulators (many created and modeled after
the PCAOB) to accomplish its inspections of
registered foreign auditing firms, including
firms that are members of global auditing
firm networks.
In May 2007, the PCAOB hosted its first
International Auditor Regulatory Institute
where representatives from more than 40
jurisdictions gathered to learn more about
PCAOB operations. In 2006, the PCAOB
formally joined the International Forum of
Independent Audit Regulators, created to
encourage regulatory collaboration and
sharing of regulatory knowledge and
experience.
The Committee believes that these types of
global regulatory coordination and
cooperation are important elements in
making sure public company auditing firms
of all sizes are contributing effectively to
audit quality. The Committee strongly
supports the efforts of the PCAOB to enhance
the efficiency and effectiveness of its
programs by communicating with foreign
regulators and participating in global
regulatory bodies. The Committee urges the
PCAOB and its foreign counterparts to
continue to improve regulatory cooperation
and coordination on a global basis.
Other Issues Under Consideration
The Committee is also considering and
debating a variety of other issues. Further
elaboration on these issues will be included
in subsequent drafts of this Report.
VIII. Separate Statements
[The contents of Separate Statements to be
included in subsequent drafts of this Report.]
[FR Doc. E8–10818 Filed 5–14–08; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Open Meeting of the Advisory
Committee on the Auditing Profession
Office of the Undersecretary for
Domestic Finance, Treasury.
ACTION: Notice of meeting.
AGENCY:
SUMMARY: The Department of the
Treasury’s Advisory Committee on the
Auditing Profession will convene a
meeting on June 3, 2008, in the Cash
Room of the Main Department Building,
1500 Pennsylvania Avenue, NW.,
Washington, DC, beginning at 10 a.m.
Auditor Oversight, PCAOB Press Rel. (Mar. 23,
2007); Establishment of the International Forum of
Independent Audit Regulators, Haut Conseil du
Commissariat aux Comptes Press Rel. (Sep. 15,
2006); PCAOB Enters into Cooperative Arrangement
with the Australian Securities and Investments
Commission, PCAOB Press Rel. (July 16, 2007);
Board Establishes Standing Advisory Group,
PCAOB Press Rel. (Apr. 15, 2004).
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Eastern Time. The meeting will be open
to the public.
DATES: The meeting will be held on
Tuesday, June 3, 2008, at 10 a.m.
Eastern Time.
ADDRESSES: The Advisory Committee
will convene a meeting in the Cash
Room of the Main Department Building,
1500 Pennsylvania Avenue, NW.,
Washington, DC. The public is invited
to submit written statements with the
Advisory Committee by any of the
following methods:
Electronic Statements
• Use the Department’s Internet
submission form (https://www.treas.gov/
offices/domestic-finance/acap/
comments); or
Paper Statements
• Send paper statements in triplicate
to Advisory Committee on the Auditing
Profession, Office of Financial
Institutions Policy, Room 1418,
Department of the Treasury, 1500
Pennsylvania Avenue, NW.,
Washington, DC 20220.
In general, the Department will post
all statements on its Web site (https://
www.treas.gov/offices/domesticfinance/acap/comments) without
change, including any business or
personal information provided such as
names, addresses, e-mail addresses, or
telephone numbers. The Department
will also make such statements available
for public inspection and copying in the
Department’s Library, Room 1428, Main
Department Building, 1500
Pennsylvania Avenue, NW.,
Washington, DC 20220, on official
business days between the hours of 10
a.m. and 5 p.m. Eastern Time. You can
make an appointment to inspect
statements by telephoning (202) 622–
0990. All statements, including
attachments and other supporting
materials, received are part of the public
record and subject to public disclosure.
You should submit only information
that you wish to make available
publicly.
FOR FURTHER INFORMATION CONTACT:
Kristen E. Jaconi, Senior Policy Advisor
to the Under Secretary for Domestic
Finance, Department of the Treasury,
Main Department Building, 1500
Pennsylvania Avenue, NW.,
Washington, DC 20220, at (202) 927–
6618.
SUPPLEMENTARY INFORMATION: In
accordance with section 10(a) of the
Federal Advisory Committee Act, 5
U.S.C. App. 2 and the regulations
thereunder, David G. Nason, Designated
Federal Officer of the Advisory
Committee, has ordered publication of
E:\FR\FM\15MYN1.SGM
15MYN1
Federal Register / Vol. 73, No. 95 / Thursday, May 15, 2008 / Notices
mstockstill on PROD1PC66 with NOTICES
this notice that the Advisory Committee
will convene a meeting on Tuesday,
June 3, 2008, in the Cash Room in the
Main Department Building, 1500
Pennsylvania Avenue, NW.,
Washington, DC, beginning at 10 a.m.
Eastern Time. The meeting will be open
to the public. Because the meeting will
be held in a secured facility, members
of the public who plan to attend the
meeting must contact the Office of
VerDate Aug<31>2005
16:18 May 14, 2008
Jkt 214001
Domestic Finance, at (202) 622–4944, by
5 p.m. Eastern Time on May 30, 2008,
to inform the Department of the desire
to attend the meeting and to provide the
information that will be required to
facilitate entry into the Main
Department Building. The agenda for
this meeting consists of further
consideration of a Draft Report of the
Advisory Committee and hearing oral
testimony from witnesses and
PO 00000
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28209
considering written statements that
those witnesses have filed with the
Advisory Committee on the Draft
Report.
Dated: May 8, 2008.
Taiya Smith,
Executive Secretary.
[FR Doc. E8–10817 Filed 5–14–08; 8:45 am]
BILLING CODE 4810–25–P
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[Federal Register Volume 73, Number 95 (Thursday, May 15, 2008)]
[Notices]
[Pages 28208-28209]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-10817]
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DEPARTMENT OF THE TREASURY
Open Meeting of the Advisory Committee on the Auditing Profession
AGENCY: Office of the Undersecretary for Domestic Finance, Treasury.
ACTION: Notice of meeting.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury's Advisory Committee on the
Auditing Profession will convene a meeting on June 3, 2008, in the Cash
Room of the Main Department Building, 1500 Pennsylvania Avenue, NW.,
Washington, DC, beginning at 10 a.m. Eastern Time. The meeting will be
open to the public.
DATES: The meeting will be held on Tuesday, June 3, 2008, at 10 a.m.
Eastern Time.
ADDRESSES: The Advisory Committee will convene a meeting in the Cash
Room of the Main Department Building, 1500 Pennsylvania Avenue, NW.,
Washington, DC. The public is invited to submit written statements with
the Advisory Committee by any of the following methods:
Electronic Statements
Use the Department's Internet submission form (https://
www.treas.gov/offices/domestic-finance/acap/comments); or
Paper Statements
Send paper statements in triplicate to Advisory Committee
on the Auditing Profession, Office of Financial Institutions Policy,
Room 1418, Department of the Treasury, 1500 Pennsylvania Avenue, NW.,
Washington, DC 20220.
In general, the Department will post all statements on its Web site
(https://www.treas.gov/offices/domestic-finance/acap/comments) without
change, including any business or personal information provided such as
names, addresses, e-mail addresses, or telephone numbers. The
Department will also make such statements available for public
inspection and copying in the Department's Library, Room 1428, Main
Department Building, 1500 Pennsylvania Avenue, NW., Washington, DC
20220, on official business days between the hours of 10 a.m. and 5
p.m. Eastern Time. You can make an appointment to inspect statements by
telephoning (202) 622-0990. All statements, including attachments and
other supporting materials, received are part of the public record and
subject to public disclosure. You should submit only information that
you wish to make available publicly.
FOR FURTHER INFORMATION CONTACT: Kristen E. Jaconi, Senior Policy
Advisor to the Under Secretary for Domestic Finance, Department of the
Treasury, Main Department Building, 1500 Pennsylvania Avenue, NW.,
Washington, DC 20220, at (202) 927-6618.
SUPPLEMENTARY INFORMATION: In accordance with section 10(a) of the
Federal Advisory Committee Act, 5 U.S.C. App. 2 and the regulations
thereunder, David G. Nason, Designated Federal Officer of the Advisory
Committee, has ordered publication of
[[Page 28209]]
this notice that the Advisory Committee will convene a meeting on
Tuesday, June 3, 2008, in the Cash Room in the Main Department
Building, 1500 Pennsylvania Avenue, NW., Washington, DC, beginning at
10 a.m. Eastern Time. The meeting will be open to the public. Because
the meeting will be held in a secured facility, members of the public
who plan to attend the meeting must contact the Office of Domestic
Finance, at (202) 622-4944, by 5 p.m. Eastern Time on May 30, 2008, to
inform the Department of the desire to attend the meeting and to
provide the information that will be required to facilitate entry into
the Main Department Building. The agenda for this meeting consists of
further consideration of a Draft Report of the Advisory Committee and
hearing oral testimony from witnesses and considering written
statements that those witnesses have filed with the Advisory Committee
on the Draft Report.
Dated: May 8, 2008.
Taiya Smith,
Executive Secretary.
[FR Doc. E8-10817 Filed 5-14-08; 8:45 am]
BILLING CODE 4810-25-P
