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September 26, 2008
U.S. Chamber Lauds Treasury’s Efforts to Improve Public Auditing
WASHINGTON, DC—The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC) today welcomed the recommendations of the Treasury Department’s Advisory Committee on the Auditing Profession (ACAP) Levitt-Nicolaisen Report to improve the sustainability of the audit industry.
“Auditors are a critical link in creating the transparency needed in a stable, growing economy,” said Richard Murray, chairman of the CCMC and a member of ACAP. “I commend Secretary Paulson for recognizing the serious issues facing the auditing community. The debate within the advisory committee was vigorous and we resolved some fundamental issues, but I think that the Levitt-Nicolaisen Report could have accomplished much more. We need a strong audit industry to help create the capital formation needed to sustain economic growth. ”
Almost two years ago, the U.S. Chamber’s Bipartisan Commission on the Regulation of U.S. Capital Markets in the 21st Century issued a series of specific recommendations to strengthen the audit profession:
- Litigation reform, including the use of alternative dispute resolution and imposition of liability caps
- A true optional national charter for audit firms
- Creation of international auditing standards
- Criminal indictment and prosecution of responsible audit partners, rather than audit firms
- Place auditing issues on the agenda of the G-8
The CCMC was formed in large part to implement the commission’s agenda.
“Today, we are at a crossroads,” Murray said. “Without a viable, sustainable auditing profession, it will be impossible to instill confidence and transparency in our economy. The loss of one or more auditing firms could decimate the industry and lead to job losses and reduced growth throughout the global economy.”
According to the U.S. Chamber, the Levitt-Nicolaisen Report resolves some issues including the establishment of a center to combat fraud and develop best practices. However, many key points remain unresolved and the CCMC agenda, which goes to the heart of the issues threatening the audit industry, remains incomplete.
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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