The Treasury Department's Advisory Committee on the Auditing Profession has released its final report outlining recommendations on how to improve the sustainability of the audit profession, including a dissenting statement from one of its members.
The committee voted to approve the report last week by a margin of 14-1, with the lone opposing vote cast by former SEC chief accountant Lynn Turner (see Treasury Committee Finalizes Audit Profession Report). In his dissenting statement, he explained that the committee members were only given the choice of voting for or against the report in its entirety. His main objection was to a recommendation that the audited financial statements of the larger firms be provided to the Public Company Accounting Oversight Board on a confidential basis.
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