Treasury Advisory Committee on Audit Profession To Publish Draft Report For 30 Day Comment Period

By Edith Orenstein, FEI Financial Reporting Blog - At its meeting earlier today (May 5), the U.S. Treasury Department's Advisory Committee on the Auditing Profession (ACAP), co-chaired by Don Nicolaisen and Arthur Levitt, voted to publish their 153 page Draft Report for a 30 day comment period. (Separately, they have posted a one-page list of "Issues for observation or further discussion" for which the committee has not yet made formal recommendations.) Based on today’s webcast, it appeared there may be some minor modifications to ACAP’s draft report before it is formally posted for public comment, to incorporate some minor changes based on discussion at today's meeting, and some additional comments of committee members. The next ACAP meeting will be June 3.