RegAlertIndividual decision · SEC · 6 Oct 2000
Letter from SEC Chief Accountant to Michael Conway re: Implementing the O'Malley Panel's recommendations
The SEC Chief Accountant requests the SEC Practice Section and AICPA to provide a detailed action plan and timetable for implementing each of the Panel on Audit Effectiveness's recommendations. The document cites the Panel's final report issued on August 31, 2000, and references statements by Chairman Levitt and the Chief Accountant regarding the improvement of audit conduct through appropriate implementation. The Chief Accountant offers to meet with the recipient to discuss the submitted action plan and directs contact to Michael Kigin or John Morrissey for scheduling.
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October 6, 2000 Mr. Michael A. Conway Chair, SEC Practice Section American Institute of Certified Public Accountants 1211 Avenue of the Americas New York, NY 10036-8775 Dear Mr. Conway: The Panel on Audit Effectiveness (the "Panel") issued its final report and recommendations on August 31, 2000. During the public hearings on the Panel's Exposure Draft, both Chairman Levitt and I stated our belief that the Panel's recommendations, if appropriately implemented, will go a long way toward improving the conduct of audits. Accordingly, we are requesting that the SEC Practice Section provide us with its detailed action plan and timetable for implementing each of the Panel's recommendations to the SECPS and AICPA. We would be pleased to meet with you to discuss your action plan. Please contact Michael Kigin or John Morrissey at (202) 942-4400 to set up a meeting. Sincerely, Lynn E. Turner Chief Accountant Cc: Mr. Charles Bowsher, Chairman - Public Oversight Board Mr. David Brumbeloe, Director - SEC Practice Section
http://www.sec.gov/info/accountants/staffletters/secps100600.htm
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Modified: 07/31/2001
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