Volcker, Backing Treasury Auditing Committee Recommendation, Says, "You Can't Leave Education to A Few Theorists;" PWG Issues Re

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By Edith Orenstein, FEI Financial Reporting Blog - On March 13, 2008, the U.S. Treasury Advisory Committee on the Auditing Profession (ACAP), co-chaired by former SEC Chairman Arthur Levitt, Jr. and former SEC Chief Accountant Don Nicolaisen, met to discuss the preliminary recommendations of its subcommittees on human capital, [audit] firm structure and finances, and concentration and competition. See our summary of the 13 preliminary recommendations contained in ACAP’s March 13 report.

We understand that after revisions are made to the preliminary recommendations presented at the March 13 ACAP meeting, based on comments of committee members raised during and after the meeting, that a revised version of the report will be posted for public comment toward the end of April.

In today’s blog post, I’m going to focus on the discussion that took place at ACAP's March 13 meeting around the recommendations of their human capital subcommittee. I may, in a future post, provide some additional highlights of the discussion on the other topics covered.

In other treasury related news - also on March 13 - U.S. Treasury Secretary Henry M. Paulson announced that the President’s Working Group on Financial Markets (PWG) – which he chairs – released a “Policy Statement on Financial Market Developments." The recommendations relate to mortgage origination, securitization, credit rating agencies, and other areas, including a call for action from the FASB and IASB.

Finally, I note the news today about the 'bailout' of Bear Stearns arranged by the Fed and JPMorgan Chase, and related announcements by the U.S. Treasury Department and the SEC.

Further details on the above topics can be found here.

Posted by Edith Orenstein, FEI Financial Reporting Blog, Sat. March 15, 2008 12:46 a.m.

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