Surety Companies Acceptable on Federal Bonds: Axis Insurance Company, 44350-44351 [E8-17439]
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Federal Register / Vol. 73, No. 147 / Wednesday, July 30, 2008 / Notices
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Committee notes that there might be
other audit-engagement specific data,
such as the auditor’s tenure with a
specific public company client, useful
to shareholders and audit committees.
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.277
The Committee considered commentary
DeloitteLLPCommentLetter.pdf (noting that the
Recommendation goes against the team nature of
audits, raises personal security and privacy
concerns, and is unrelated to audit quality); Ernst
& Young LLP Comment Letter Regarding Draft
Report and Draft Report Addendum 28, (June 27,
2008), available at https://comments.treas.gov/
_files/EYACAPCommentLetterFINAL.pdf;
Mayer Hoffman McCann P.C., Comment Letter
Regarding Draft Report and Draft Report Addendum
3, (June 17, 2008), available at https://
comments.treas.gov/_files/MayerHoffmanMcCann
CommentLetter.pdf (suggesting that ‘‘[o]ther
individuals involved in the audit might actually
feel less responsibility if only the engagement and
concurring partners sign the report or only top
partners are named, precisely the opposite of what
should be encouraged’’); David McDonnell, Chief
Executive Officer, Grant Thornton International Ltd,
and Edward E. Nusbaum, Chief Executive Officer,
Grant Thornton LLP, and Chairman, Grant
Thornton International Ltd Board of Governors,
Comment Letter Regarding Draft Report and Draft
Report Addendum 4, (June 27, 2008), available at
https://comments.treas.gov/_files/GTCommentletter
toACAPJune2008_FINAL.pdf (noting the team effort
aspect of audits and stating that partners may be
unwilling to accept the added risk, personal
security issues, and privacy issues). 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.
277 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/
Fornelli020408.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.’’).
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regarding the PCAOB’s regulatory role
on a global basis.278
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.279
278 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
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).
279 See, e.g., Joseph Carcello, Chair, AAA Task
Force to Monitor the Activities of the Treasury
ACAP Ernst & Young Professor and Director of
Research—Corporate Governance Center University
of Tennessee, Jean C. Bedard Timothy B. Harbert
Professor of Accountancy Bentley College, Dana R.
Hermanson Dinos Eminent Scholar Chair of Private
Enterprise and Professor of Accounting Kennesaw
State University, Comment Letter Regarding Draft
Report and Draft Report Addendum 11, (May 15,
2008), available at https://comments.treas.gov/_files/
ACAPCommentLetterMay152008.pdf (agreeing with
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In addition, the Committee recognizes
the challenges that the globalized
regulatory environment creates for
smaller firms, particularly with respect
to the increasing acceptance of IFRS.280
The Committee believes that regulators
and policy makers must recognize the
importance of including smaller firms in
international roundtables, discussions,
and policy making decisions.281
[FR Doc. E8–17441 Filed 7–29–08; 8:45 am]
BILLING CODE 4810–25–P
DEPARTMENT OF THE TREASURY
Fiscal Service
Surety Companies Acceptable on
Federal Bonds: Axis Insurance
Company
Financial Management Service,
Fiscal Service, Department of the
Treasury.
ACTION: Notice.
AGENCY:
SUMMARY: This is Supplement No. 1 to
the Treasury Department Circular 570,
2008 Revision, published July 1, 2008,
at 73 FR 37644.
FOR FURTHER INFORMATION CONTACT:
Surety Bond Branch at (202) 874–6850.
SUPPLEMENTARY INFORMATION: A
Certificate of Authority as an acceptable
surety on Federal bonds is hereby
issued under 31 U.S.C. 9305 to the
following company:
the Recommendation); Record of Proceedings (June
3, 2008) (Written Submission of Brian O’Malley,
Senior Vice President and General Auditor, Nasdaq
Stock Market, 4), available at https://www.treas.gov/
offices/domestic-finance/acap/submissions/
06032008/OMalley060308.pdf (agreeing with the
Recommendation); Record of Proceedings (June 3,
2008) (Written Submission of Kurt N. Schacht,
Managing Director, Centre for Financial Market
Integrity, CFA Institute, 6), available at https://
www.treas.gov/offices/domestic-finance/acap/
submissions/06032008/Schacht060308.pdf
(agreeing with this ‘‘most important’’
Recommendation).
280 Record of Proceedings (June 3, 2008)
(Questions for the Record of Mr. Kenneth Nielsen
Goldmann, Capital Markets and SEC Practice
Director, J.H. Cohn LLP, 21–22 (June 30, 2008)),
available at https://www.treas.gov/offices/domesticfinance/acap/agendas/QFRs-6–3–08.pdf (noting the
difficulty and costs associated with implementing
IFRS for smaller firms); Record of Proceedings (June
3, 2008) (Questions for the Record of Mr. Kurt N.
Schacht, Managing Director, Centre for Financial
Market Integrity, CFA Institute, 73–74 (June 30,
2008)), available at https://www.treas.gov/offices/
domestic-finance/acap/agendas/QFRs-6–3–08.pdf
(stating the difficulty in maintaining competence in
IFRS, GAAP, and local/national standards).
281 See, e.g., Record of Proceedings (June 3, 2008)
(Written Submission of Kurt N. Schacht, Managing
Director, Centre for Financial Market Integrity, CFA
Institute, 3), available at https://www.treas.gov/
offices/domestic-finance/acap/submissions/
06032008/Schacht060308.pdf (stating that
demonstrating technical competence in
international matters is of increased importance
especially for smaller firms).
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Federal Register / Vol. 73, No. 147 / Wednesday, July 30, 2008 / Notices
Axis Insurance Company (NAIC #
37273)
Business Address: 11680 Great Oaks
Way, Suite 500, Alpharetta, GA 30022.
PHONE: (678) 746–9400.
Underwriting Limitation b/:
$38,506,000.
Surety Licenses c/: AL, AK, AZ, AR,
CO, DE, DC, FL, GA, HI, ID, IL, IN, KS,
KY, MD, MA, MI, MN, MS, MO, MT,
NE, NV, NH, NJ, NM, NY, NC, ND, OH,
OK, OR, PA, RI, SC, SD, TN, TX, UT,
VT, VA, WA, WV, WI, WY.
Incorporated In: Illinois.
Federal bond-approving officers
should annotate their reference copies
of the Treasury Circular 570
(‘‘Circular’’), 2008 Revision, to reflect
this addition.
Certificates of Authority expire on
June each year, unless revoked prior to
that date. The Certificates are subject to
subsequent annual renewal as long as
the companies remain qualified (31 CFR
part 223). A list of qualified companies
is published annually as of July 1st in
the Circular, which outlines details as to
the underwriting limitations, areas in
which companies are licensed to
transact surety business, and other
information.
The Circular may be viewed and
downloaded through the Internet at
https://www.fms.treas.gov/c570.
Questions concerning this Notice may
be directed to the U.S. Department of
the Treasury, Financial Management
Service, Financial Accounting and
Services Division, Surety Bond Branch,
3700 East-West Highway, Room 6F01,
Hyattsville, MD 20782.
Dated: July 22, 2008.
Vivian L. Cooper,
Director, Financial Accounting and Services
Division.
[FR Doc. E8–17439 Filed 7–29–08; 8:45 am]
BILLING CODE 4810–35–M
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
Proposed and Continuing Information
Collections Under the Paperwork
Reduction Act; Annual Thrift
Satisfaction Survey
Office of Thrift Supervision
(OTS), Treasury.
ACTION: Notice and request for comment.
mstockstill on PROD1PC66 with NOTICES
AGENCY:
SUMMARY: The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to comment on
proposed and continuing information
collections, as required by the
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23:06 Jul 29, 2008
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Paperwork Reduction Act of 1995, 44
U.S.C. 3507. The Office of Thrift
Supervision within the Department of
the Treasury will submit the proposed
information collection requirement
described below to the Office of
Management and Budget (OMB) for
review, as required by the Paperwork
Reduction Act. Today, OTS is soliciting
public comments on its proposal to
extend this information collection.
DATES: Submit written comments on or
before September 29, 2008.
ADDRESSES: Send comments, referring to
the collection by title of the proposal or
by OMB approval number, to
Information Collection Comments, Chief
Counsel’s Office, Office of Thrift
Supervision, 1700 G Street, NW.,
Washington, DC 20552; send a facsimile
transmission to (202) 906–6518; or send
an e-mail to
infocollection.comments@ots.treas.gov.
OTS will post comments and the related
index on the OTS Internet Site at
https://www.ots.treas.gov. In addition,
interested persons may inspect
comments at the Public Reading Room,
1700 G Street, NW., by appointment. To
make an appointment, call (202) 906–
5922, send an e-mail to
public.info@ots.treas.gov, or send a
facsimile transmission to (202) 906–
7755.
44351
OTS request for OMB approval. All
comments will become a matter of
public record. In this notice, OTS is
soliciting comments concerning the
following information collection.
Title of Proposal: Annual Thrift
Satisfaction Survey.
OMB Number: 1550–0087.
Form Numbers: N/A.
Regulation requirement: N/A.
Description: The survey is needed to
help OTS evaluate the effectiveness of
the services it provides to thrifts.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses or other
for-profit:
Estimated Number of Respondents:
200.
Estimated Number of Responses: 200.
Estimated Frequency of Response:
Annually.
Estimated Total Burden: 50 hours.
Clearance Officer: Ira L. Mills, (202)
906–6531, Office of Thrift Supervision,
1700 G Street, NW., Washington, DC
20552.
Dated: July 24, 2008.
Deborah Dakin,
Senior Deputy Chief Counsel, Regulations and
Legislation Division.
[FR Doc. E8–17364 Filed 7–29–08; 8:45 am]
BILLING CODE 6720–01–P
You
can request additional information
about this proposed information
collection from Joanne Haakinson, (202)
906–6140, Office of Thrift Supervision,
1700 G Street, NW., Washington, DC
20552.
DEPARTMENT OF THE TREASURY
OTS may
not conduct or sponsor an information
collection, and respondents are not
required to respond to an information
collection, unless the information
collection displays a currently valid
OMB control number. As part of the
approval process, we invite comments
on the following information collection.
Comments should address one or
more of the following points:
a. Whether the proposed collection of
information is necessary for the proper
performance of the functions of OTS;
b. The accuracy of OTS’s estimate of
the burden of the proposed information
collection;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of the
information collection on respondents,
including through the use of
information technology.
We will summarize the comments
that we receive and include them in the
AGENCY:
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00141
Fmt 4703
Sfmt 4703
Office of Thrift Supervision
Proposed and Continuing Information
Collections Under the Paperwork
Reduction Act; Electronic Operations
Office of Thrift Supervision
(OTS), Treasury.
ACTION: Notice and request for comment.
SUMMARY: The Department of the
Treasury, as part of its continuing effort
to reduce paperwork and respondent
burden, invites the general public and
other Federal agencies to comment on
proposed and continuing information
collections, as required by the
Paperwork Reduction Act of 1995, 44
U.S.C. 3507. The Office of Thrift
Supervision within the Department of
the Treasury will submit the proposed
information collection requirement
described below to the Office of
Management and Budget (OMB) for
review, as required by the Paperwork
Reduction Act. Today, OTS is soliciting
public comments on its proposal to
extend this information collection.
DATES: Submit written comments on or
before September 29, 2008.
ADDRESSES: Send comments, referring to
the collection by title of the proposal or
E:\FR\FM\30JYN1.SGM
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]]>Agencies
[Federal Register Volume 73, Number 147 (Wednesday, July 30, 2008)]
[Notices]
[Pages 44350-44351]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-17439]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Fiscal Service
Surety Companies Acceptable on Federal Bonds: Axis Insurance
Company
AGENCY: Financial Management Service, Fiscal Service, Department of the
Treasury.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This is Supplement No. 1 to the Treasury Department Circular
570, 2008 Revision, published July 1, 2008, at 73 FR 37644.
FOR FURTHER INFORMATION CONTACT: Surety Bond Branch at (202) 874-6850.
SUPPLEMENTARY INFORMATION: A Certificate of Authority as an acceptable
surety on Federal bonds is hereby issued under 31 U.S.C. 9305 to the
following company:
[[Page 44351]]
Axis Insurance Company (NAIC 37273)
Business Address: 11680 Great Oaks Way, Suite 500, Alpharetta, GA
30022. PHONE: (678) 746-9400.
Underwriting Limitation b/: $38,506,000.
Surety Licenses c/: AL, AK, AZ, AR, CO, DE, DC, FL, GA, HI, ID, IL,
IN, KS, KY, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND,
OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.
Incorporated In: Illinois.
Federal bond-approving officers should annotate their reference
copies of the Treasury Circular 570 (``Circular''), 2008 Revision, to
reflect this addition.
Certificates of Authority expire on June each year, unless revoked
prior to that date. The Certificates are subject to subsequent annual
renewal as long as the companies remain qualified (31 CFR part 223). A
list of qualified companies is published annually as of July 1st in the
Circular, which outlines details as to the underwriting limitations,
areas in which companies are licensed to transact surety business, and
other information.
The Circular may be viewed and downloaded through the Internet at
https://www.fms.treas.gov/c570.
Questions concerning this Notice may be directed to the U.S.
Department of the Treasury, Financial Management Service, Financial
Accounting and Services Division, Surety Bond Branch, 3700 East-West
Highway, Room 6F01, Hyattsville, MD 20782.
Dated: July 22, 2008.
Vivian L. Cooper,
Director, Financial Accounting and Services Division.
[FR Doc. E8-17439 Filed 7-29-08; 8:45 am]
BILLING CODE 4810-35-M
