Business Commons^™

Proposed Statement On Auditing Standards : Amendments To Statement On Auditing Standards No. 61, Communication With Audit Committees And Statement On Auditing Standards No. 71, Interim Financial Information;Amendments To Statement On Auditing Standards No. 61, Communication With Audit Committees And Statement On Auditing Standards No. 71, Interim Financial Information; Exposure Draft (American Institute Of Certified Public Accountants), 1999, Oct. 1, American Institute Of Certified Public Accountants. Auditing Standards Board

Exposure Drafts, Comment Letters, and Statements of Position

On September 28, 1998, Securities and Exchange Commission (SEC) Chairman Arthur Levitt, Jr., expressed significant concern about the quality of financial reporting in corporate America. Chairman Levitt described the problem as one that must be addressed by the entire financial community rather than the government alone and called for several actions, including the formation of a blue ribbon panel to develop recommendations to improve audit committee performance. The panel was formed and named the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees (BRC). In February 1999, the BRC issued Report and Recommendations of the Blue Ribbon Committee …