[Federal Register Volume 72, Number 116 (Monday, June 18, 2007)]
[Notices]
[Pages 33560-33561]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-11700]


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DEPARTMENT OF THE TREASURY


Advisory Committee on the Auditing Profession

AGENCY: Department of the Treasury, Departmental Offices.

ACTION: Notice of intent to establish; request for nominations.

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SUMMARY: The Department of the Treasury (the ``Department'') intends to 
establish the Advisory Committee on the Auditing Profession (the 
``Committee'') to assist the Department in evaluating the 
sustainability of a strong and vibrant auditing profession. The 
Department is seeking nominations of individuals to be considered for 
selection as Committee members, and names of professional and public 
interest groups that should be represented on the Committee.

DATES: Nominations must be received on or before July 11, 2007.

ADDRESSES: Nominations should be sent to [email protected] or 
Advisory Committee on the Auditing Profession Membership, Office of 
Financial Institutions Policy, Department of the Treasury, Main 
Treasury Building, Room 1418, 1500 Pennsylvania Avenue, NW., 
Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Gerry Hughes, Financial Analyst, or 
Timothy M. Hunt, Financial Analyst, Office of Financial Institutions 
Policy, Department of the Treasury, 1500 Pennsylvania Avenue, NW., 
Washington, DC 20220, (202) 927-6618 (not a toll-free number).

SUPPLEMENTARY INFORMATION: In accordance with the requirements of the 
Federal Advisory Committee Act, 5 U.S.C. App. II, the Department is 
publishing this notice that the Department intends to establish the 
Committee. The Committee's objective will be to provide informed advice 
and recommendations to the Department on the sustainability of a strong 
and vibrant public company auditing profession. The Committee's charter 
is expected to direct it to consider, among other things, the auditing 
profession's ability to attract and retain the human capital necessary 
to meet developments in the business and financial reporting 
environment; audit market competition and concentration; and the 
financial resources of the auditing profession, including the effect of 
existing limitations on auditing firms' structure. A resilient and 
quality public company auditing profession is essential to the strength 
of the nation's capital markets. Auditors oversee the integrity of 
financial reporting and disclosure, critical to investor confidence and 
market efficiency. Because of the importance of the auditing profession 
to the prosperity and stability of the capital markets in the United 
States and the rest of the world, the Department

[[Page 33561]]

affirms that the Committee is necessary and in the public interest.
    The Committee will be directed to conduct its work with a view to 
furthering the mission of the Department, as the steward of the 
economic and financial systems of the United States, to promote and 
encourage the conditions for prosperity and stability in the United 
States and the rest of the world and to predict and prevent, to the 
extent possible, economic and financial crises. The charter will 
provide that the Committee's duties are solely advisory and only extend 
to the submission of advice or recommendations to the Department. The 
Committee is expected to meet at such intervals as necessary to carry 
out its duties. The charter is expected to provide that the full 
Committee will meet no more than eight times. Meetings of subgroups of 
the full Committee may occur more frequently.
    To achieve the Committee's objective, the Department will assure 
that the Committee reflects balanced membership and includes a cross-
section of between 15 and 21 members representing the views of non-
government entities or groups having an interest in the auditing 
profession, such as auditors, investors, public companies, and other 
financial market participants. In order to select Committee members who 
represent the greatest range of interest in the auditing profession, 
the Department is soliciting suggestions for potential Committee 
members from a variety of sources, including, but not limited to, 
professional and public interest groups. Nominations should describe 
and document the proposed member's qualifications for Committee 
membership. In addition to individual nominations, the Department is 
soliciting the names of professional and public interest groups that 
should have representative members participating on the Committee. 
Committee members will not receive compensation, but they will be 
reimbursed for travel expenses consistent with governing Federal law 
and regulations.

    Dated: June 8, 2007
Taiya Smith,
Executive Secretary.
 [FR Doc. E7-11700 Filed 6-15-07; 8:45 am]
BILLING CODE 4811-42-P