The Center for Audit Quality (CAQ) has issued the following statement by Executive Director Cindy Fornelli in reaction to the U.S. Treasury Department's Blueprint for Regulatory Reform:

"Like others in the financial policy arena, the CAQ recognizes the effort of the Treasury Department in developing this comprehensive blueprint for financial regulatory reform.

"Secretary Paulson and his staff have drafted a thoughtful plan intended to eliminate duplication, increase coordination, and improve oversight within the regulation of our markets for benefit of investors.

"The CAQ shares Treasury's goal of designing reforms that may better prepare all market participants to meet the challenges ahead, and we look forward to working with policy makers as they consider the blueprint's specific recommendations, particularly as they pertain to the profession's work to enhance both the quality of reported financial information and the audit process."

Summary of Treasury Blueprint

Complete Treasury Blueprint for a Modernized Financial Regulatory Structure

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The Center for Audit Quality is an autonomous public policy organization serving investors, public company auditors, and the capital markets. The CAQ's mission is to foster confidence in the audit process and to aid investors and the markets by advancing constructive suggestions for change rooted in the profession's core values of integrity, objectivity, honesty, and trust. Based in Washington, D.C., the CAQ is affiliated with the American Institute of Certified Public Accountants.