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To: tonto who wrote (23933)	9/9/1999 7:57:00 PM
From: tonto	Read Replies (1) \| Respond to of 26163

SEC News Digest Issue 99-174 September 9, 1999 COMMISSION ANNOUNCEMENTS AUDIT EFFECTIVENESS PANEL CONDUCTS SURVEY TO HELP IMPROVE QUALITY OF PUBLIC COMPANY AUDITS The Public Oversight Board's Panel on Audit Effectiveness is soliciting input on the effectiveness and quality of financial statement audits from those who rely on or are impacted by the audits, including investors, analysts, preparers, and regulators. This survey is part of the Panel's on-going efforts to develop recommendations to improve the effectiveness of audits. The Panel on Audit Effectiveness was appointed in October 1998 in response to concerns expressed by the Securities and Exchange Commission about "management of earnings" by public companies, high- profile financial reporting failures, and continuing changes in the way audits are conducted. Its members are drawn from industry, public practice and academia and include two former SEC Commissioners. The Panel is chaired by Shaun F. O'Malley, former Chairman of Price Waterhouse LLP. Lynn E. Turner, Chief Accountant of the SEC, said "It is critical to the capital markets that investors continue to be able to rely on effective and high quality audits to ensure the credibility of the numbers they rely on. We commend the Panel for undertaking this effort and strongly encourage investors, analysts, regulators, preparers, and others who rely on audits to participate in this important project, aimed at improving audits." The Panel's questionnaire requests input on a broad spectrum of topics: -- Fundamental questions about the quality of independent audits and auditors' responsibilities and abilities to detect management fraud -- Specific observations about the audit methodologies employed by audit firms -- Input on the effects of non-audit services on audit quality and the relative importance that audit firms place on audit work versus other services they provide -- The quality of new entrants into the auditing profession -- Whether audit firms will be able to attract and retain high quality individuals over the long term -- Observations regarding the auditing profession's self-regulatory process and its oversight by the Public Oversight Board and the Securities and Exchange Commission. Copies of the questionnaire may be obtained from a link at the SEC's website, www.sec.gov, or by writing to Panel on Audit Effectiveness, c/o Public Oversight Board, One Station Place, Stamford, CT 06902. (Press Rel. 99-113)