The Center for Audit Quality has sent a comment letter to the Treasury Department's Advisory Committee on the Auditing Profession recommending that it pay more attention to the litigation risk for audit firms.
The committee has been drawing up a set of recommendations for improving the audit profession that it will present to the Treasury Department. The draft report was released last month for comment (see Treasury Committee Suggests Professional Priorities). The CAQ, which is affiliated with the American Institute of CPAs, emphasized international considerations, litigation risks and the interaction among the various recommendations in the draft report.
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