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Auditing the Auditors after Sarbanes Oxley

Auditing the Auditors after Sarbanes Oxley

by Toby Lucich on October 4, 2007

How has the auditing industry evolved since the 2002 Sarbanes-Oxley Act? Treasury Secretary Henry Paulson aims to find out.

A committee formed by Mr. Paulson to address what he has called challenges facing the auditing profession will spend the next year focusing on audit firm concentration, audit quality and communications between auditors and investors.

The 21-member committee, which includes a mix of business, regulatory and academic representatives, is expected to make recommendations by summer 2008. The timing of those recommendations could pose a challenge for Mr. Paulson, however, since they will come just months before the Bush administration leaves offices and as the 2008 elections begin to occupy the attention of Congress. Treasury officials played down those concerns, saying the recommendations aren’t intended for the “short term” and can be implemented once Mr. Bush — and Mr. Paulson — leaves office.

Auditing the Auditors after Sarbanes Oxley

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