Barry Melancon, president and chief executive of the American Institute of CPAs, and a number of other accounting profession luminaries such as Tim Flynn, chief executive at Big Four firm KPMG, have been named to the Treasury Department's new Advisory Committee on the Auditing Profession.The 21-member group will spend roughly a year examining issues facing the auditing profession, including such front-burner topics as audit firm concentration, auditor liability caps, recruiting young people to the profession, the effect of Sarbanes-Oxley and the move toward international standards.

"Clearly, the capital markets of the world are moving toward harmonized international standards, and it's important that our regulatory process matches that evolution," said Melancon.

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