AICPA CEO Barry Melancon and other accounting profession luminaries have been appointed to the Treasury Department's new Advisory Committee on the Auditing Profession.
Treasury Secretary Henry Paulson created the committee after a meeting in Washington in March with Melancon and other U.S. business leaders to address issues facing the financial markets.
"This committee has been chartered to develop recommendations as to what can best be done to sustain a vibrant auditing profession, a profession whose work is critical to investor confidence in our financial markets," said Paulson in a statement.
Former Securities and Exchange Commission Chairman Arthur Levitt and former SEC Chief Accountant Donald T. Nicolaisen will chair the panel. Among the concerns that will be addressed are recruitment of young people to the auditing profession and the internationalization of 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 in a statement.
Other appointees include KPMG CEO Timothy Flynn; Paul Volcker, former chairman of the Federal Reserve; Alan Beller, a partner at Cleary Gottlieb Steen & Hamilton; Amy Woods Brinkley, a global risk executive at Bank of America; Mary Bush, president of Bush International; H. Rodgin Cohen, chairman of Sullivan & Cromwell; Robert Glauber, a lecturer at Harvard's Kennedy School of Government; Fortinet CFO Ken Goldman; Gaylen Hansen, an audit partner at Ehrhardt Keefe Steiner & Hottman; Xerox CEO Anne Mulcahy; Richard Murray, managing director of Swiss Re; Gary John Previts, a professor of accountancy at Case Western Reserve University; Damon Silvers, associate general counsel at the AFL-CIO; Nokia CFO Richard Simonson; Sarah Smith, chief accounting officer at Goldman Sachs; Bailiwick Data Systems CEO William Travis; Lynn Turner, former chief accountant at the SEC; and Ann Yerger, executive director of the Council of Institutional Investors.
Committee observers include Robert Herz, chairman of the Financial Accounting Standards Board; Mark Olson, chairman of the Public Company Accounting Oversight Board; Zoe-Vonna Palmrose, deputy chief accountant for professional practice in the SEC's Office of the Chief Accountant; Michael Prada, chairman of the Autorite des Marches Financiers in France; and Sir David Tweedie, chairman of the International Accounting Standards Board.
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