More than 500 persons and organizations familiar with auditing or affected by an audit will be sent confidential questionnaires regarding the effectiveness of independent audits in protecting investors' interests. The audience includes regulators, preparers, analysts investment bankers and practitioners.
The survey, "Request for Opinions of Issues of Audit Effectiveness" is being coordinated by The Panel on Audit Effectiveness of the Public Oversight Board, an independent, private-sector group that oversees the self-regulatory programs of the AICPA's SEC Practice Section. The announcement was made by the Panel on Wednesday.
Members of the panel represent the accounting profession in public practice, industry and education, as well as two former SEC commissioners, and is chaired by Shaun F. O'Malley, former chairman of Price Waterhouse, LLP (now PricewaterhouseCoopers). The panel was created as a reaction to concerns expressed about management of earnings by the SEC.