A Treasury Department panel has adopted a report containing recommendations to improve the profession that audits public companies.
The Treasury's Advisory Committee on the Auditing Profession adopted the final report Friday. It contains more than 30 recommendations intended to sustain a vibrant auditing profession, according to the Treasury.
"Their work will contribute to and shape the necessary work of encouraging investor confidence in our financial markets," said Treasury Secretary Henry Paulson.
The recommendations focused on improving accounting education; enhancing auditing firm governance and transparency; and increasing audit market competition.