Treasury Creates Audit Advisory Panel

Treasury Secretary Henry Paulson announced the establishment of an Advisory Committee on the Audit Profession. Announced goals include sustaining the vibrancy of auditing, attracting talented young people into auditing and greater harmonization with international auditing standards. Former SEC Chairman Arthur Levitt and former SEC Chief Accountant Donald Nikolaisen will chair the new panel with other members including Timothy Flynn (KPMG), Barry Melancon (AICPA), Anne Mulcahy (Xerox), Gary John Previts (Case Western University), Paul Volcker (former Federal Reserve chairman) and Lynn Turner (former SEC chief accountant).

I suspect that it will take a while for this group to figure out exactly what its mission is. Best wishes on its goal of attracting young people into auditing.