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Committee Detail

Note: An Annual Comprehensive Review, as required by §7 of the Federal Advisory Committee Act, is conducted each year on committee data entered for the previous fiscal year (referred to as the reporting year). The data for the reporting year is not considered verified until this review is complete and the data is moved to history for an agency/department. See the Data From Previous Years section at the bottom of this page for the committee’s historical, verified data.


TRES - 31966 - Advisory Committee on the Auditing Profession - Agency Authority
Hide Section - GENERAL INFORMATION

GENERAL INFORMATION

Committee NameAdvisory Committee on the Auditing ProfessionAgency NameDepartment of the Treasury
Fiscal Year2009Committee Number31966
Original Establishment Date Committee StatusTerminated
Actual Termination Date12/8/2008Committee URLhttp://www.treas.gov/offices/domestic-finance/a...
New Committee This FYNoPresidential Appointments*No
Terminated This FYYesMax Number of Members*21
Current Charter Date7/3/2007Designated Fed Officer Position Title*Assistant Secretary, Financial Institutions
Date Of Renewal Charter7/3/2009Designated Federal Officer PrefixMr.
Projected Termination Date7/3/2009Designated Federal Officer First Name*David
Exempt From Renewal*NoDesignated Federal Officer Middle NameG
Specific Termination AuthorityAgency Decison, memo dated 12/8/2008Designated Federal Officer Last Name*Nason
Establishment Authority*Agency AuthorityDesignated Federal Officer Suffix
Specific Establishment Authority*Agency DecisionDesignated Federal Officer Phone*(202) 622-2610
Effective Date Of Authority*5/17/2007Designated Federal Officer Fax*(202) 622-2027
Exempt From EO 13875 Discretionary Cmte Designated Federal Officer Email*david.nason@do.treas.gov
Committee Type*Continuing
Presidential*No
Committee Function*Non Scientific Program Advisory Board
Hide Section - RECOMMENDATION/JUSTIFICATIONS

RECOMMENDATION/JUSTIFICATIONS

Agency Recommendation*Terminate
Legislation to Terminate RequiredNo
Legislation Status 
How does cmte accomplish its purpose?*The Committee meet at such intervals as necessary to carry out its duties in providing informed advice and recommendations to the Secretary of the Treasury and the Department of the Treasury on the sustainability of a strong and vibrant public company auditing profession. The Committee conducted its work with a view to furthering the mission of the Department of the Treasury, 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.
How is membership balanced?*The Department of the Treasury solicited the names of potential Committee members from a variety of sources, including, but not limted to professional and public interest groups. In addition to individual nominations, the Department of the Treasury solicited the names of professional and public interest groups that should have representative members participating on the Committee. The membership included a cross-section of 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.
How frequent & relevant are cmte mtgs?*The committee terminated on December 8, 2008; therefore, no meetings were held in FY 2009
Why advice can't be obtained elsewhere?*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 improtance 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 of the Treasury affirms that the Committee was necessary and in the public interest.
Why close or partially close meetings?N/A
Recommendation Remarks
Hide Section - PERFORMANCE MEASURES

PERFORMANCE MEASURES

Outcome Improvement To Health Or Safety*NoAction Reorganize Priorities*No
Outcome Trust In GovernmentYesAction Reallocate ResourcesNo
Outcome Major Policy ChangesYesAction Issued New RegulationsNo
Outcome Advance In Scientific ResearchNoAction Proposed LegislationNo
Outcome Effective Grant MakingNoAction Approved Grants Or Other PaymentsNo
Outcome Improved Service DeliveryNoAction OtherNo
Outcome Increased Customer SatisfactionNoAction CommentNone of the recommendations are directed to the Treasury Department. The recommendations are directed to other regulatory agencies and other private associations.
Outcome Implement Laws/Reg RequirementsNoGrants Review*No
Outcome OtherNoNumber Of Grants Reviewed0
Outcome CommentNANumber Of Grants Recommended0
Cost Savings*NoneDollar Value Of Grants Recommended$0.00
Cost Savings CommentNAGrants Review CommentNA
Number Of Recommendations*31Access Contact Designated Fed. Officer*No
Number Of Recommendations CommentThe Advisory Committee released its Final Report on October 6, 2008.Access Agency WebsiteYes
% of Recs Fully Implemented*0.00%Access Committee WebsiteNo
% of Recs Fully Implemented CommentNone of the recommendations are directed to the Treasury Department. The recommendations are directed to other regulatory agencies and other private associations.Access GSA FACA WebsiteNo
% of Recs Partially Implemented*0.00%Access PublicationsNo
% of Recs Partially Implemented CommentNone of the recommendations are directed to the Treasury Department. The recommendations are directed to other regulatory agencies and other private associations.Access OtherNo
Agency Feedback*Not ApplicableAccess Commenthttp://www.treas.gov/offices/domestic-finance/acap/index.shtml
Agency Feedback Comment*On October 28, 2009, the Treasury Department provided the former Committee members with a written update on the progress of the implementation of the Final Report's 31 recommendations. This will be the only time the Treasury Department will provide a written update.Narrative Description*The Advisory Committee on the Auditing Profession is charged with analyzing and developing recommendations related to the sustainability of the auditing profession, critical to capital markets competitiveness, which the Department of the Treasury seeks to maintain and enhance.
Hide Section - COSTS

COSTS

Payments to Non-Federal Members*$0.00Est Payments to Non-Fed Members Next FY*$0.00
Payments to Federal Members*$0.00Est. Payments to Fed Members Next FY*$0.00
Payments to Federal Staff*$0.00Estimated Payments to Federal Staff*$0.00
Payments to Consultants*$0.00Est. Payments to Consultants Next FY*$0.00
Travel Reimb. For Non-Federal Members*$0.00Est Travel Reimb Non-Fed Members nextFY*$0.00
Travel Reimb. For Federal Members*$0.00Est Travel Reimb For Fed Members*$0.00
Travel Reimb. For Federal Staff*$0.00Est. Travel Reimb to Fed Staff Next FY*$0.00
Travel Reimb. For Consultants*$0.00Est Travel Reimb to Consultants Next FY*$0.00
Other Costs$0.00Est. Other Costs Next FY*$0.00
Total Costs$0.00Est. Total Next FY*$0.00
Federal Staff Support (FTE)*0.00Est. Fed Staff Support Next FY*0.00
Cost RemarksEst Cost Remarks
Hide Section - Interest Areas

Interest Areas

No interest areas selected for this committee.
Hide Section - MEMBERS,MEETINGS AND ADVISORY REPORTS

MEMBERS,MEETINGS AND ADVISORY REPORTS

To View all the members, meetings and advisory reports for this committee please click here
Hide Section - CHARTERS AND RELATED DOCS

CHARTERS AND RELATED DOCS

No Documents Found
Hide Section - DATA FROM PREVIOUS YEARS

DATA FROM PREVIOUS YEARS

Committee

Data from Previous Years

 
ActionCommittee System IDCommittee NameFiscal Year
 COM-010845Advisory Committee on the Auditing Profession2008
 COM-012375Advisory Committee on the Auditing Profession2007