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DEPARTMENT OF THE TREASURY

Treasury Department

NOTICE: NOTICES

DOCUMENT ACTION: Notice; request for comments.

SUBJECT CATEGORY: Second Draft Report of the Advisory Committee on the Auditing Profession

DATES: Comments should be received on or before August 26, 2008.

DOCUMENT SUMMARY: The Advisory Committee on the Auditing Profession is publishing a Second Draft Report and soliciting public comment.

SUMMARY: Second Draft Report of the Advisory Committee on the Auditing Profession,

SUPPLEMENTAL INFORMATION

At the request of the two Co-Chairs of the Department of the Treasury's Advisory Committee on the Auditing Profession, the Department is publishing this notice soliciting public comment on the Advisory Committee's Second Draft Report. The text of the Second Draft Report is found in the appendix to this notice and may be found on the Web page of the Advisory Committee at http:// www.treas.gov/offices/domesticfinance/acap/index.shtml. The appendices to the Second Draft Report are not included in this notice, but may be found on the Web page of the Advisory Committee at http:// www.treas.gov/offices/domesticfinance/acap/index.shtml. The Second Draft Report contains the Advisory Committee's developed proposals on improving the sustainability of a strong and vibrant public company auditing profession. All interested parties are invited to submit their comments in the manner described above.

Dated: July 25, 2008.
Taiya Smith,
Executive Secretary.
Appendix: Advisory Committee on the Auditing Profession
Second Draft ReportJuly 22, 2008
The Department of the Treasury
Second Draft Report of the Advisory Committee on the Auditing Profession to the U.S. Department of the Treasury
Table of Contents
I. Transmittal Letter [Placeholder]
II. Committee History
III. Background [Placeholder]
IV. Human Capital
V. Firm Structure and Finances
VI. Concentration and Competition
VII. Separate Statements [Placeholder]

VIII. Appendices

A. Official Notice of Establishment of Committee

B. Committee Charter

C. Treasury Secretary Henry M. Paulson, Jr., Remarks at the Economic Club of New York, New York, NY on Capital Market

Competitiveness (Nov. 20, 2006)

D. Treasury Secretary Henry M. Paulson, Jr., Opening Remarks at the Treasury Department's Capital Markets Competitiveness Conference at Georgetown University (Mar. 13, 2007)

E. Paulson Announces First Stage of Capital Markets Action Plan, Treasury Press Release No. HP408 (May 17, 2007)

F. Paulson: Financial Reporting Vital to U.S. Market Integrity, Strong Economy, Treasury Press Release No. HP407 (May 17, 2008)

G. Paulson Announces Auditing Committee Members to Make Recommendations for a More Sustainable, Transparent Industry, Treasury Press Release No. HP585 (Oct. 2, 2007)

H. Under Secretary for Domestic Finance Robert K. Steel, Welcome and Introductory Remarks Before the Initial Meeting of the Department of the Treasury's Advisory Committee on the Auditing Profession, Treasury Press Release No. HP610 (Oct. 15, 2007)

I. Committee ByLaws

J. List of Witnesses

K. List of Committee Members, Observers, and Staff

L. Working Discussion Outline

M. Working Bibliography
Transmittal Letter
I. Advisory Committee on the Auditing Profession
[September 2008]
The Honorable Hank M. Paulson, Jr., Secretary,
U.S. Department of the Treasury,
1500 Pennsylvania Avenue, NW.,
Washington, DC 20220.

Dear Secretary Paulson:

On behalf of the Department's Advisory Committee on the Auditing Profession, we are pleased to submit our Final Report.

[Contents of letter to be included in Final Report]

Respectfully Submitted on behalf of the Committee, Arthur Levitt, Jr.
Committee CoChair
Donald T. Nicolaisen
Committee CoChair
Enclosure

FOR FURTHER INFORMATION CONTACT Kristen E. Jaconi, Senior Policy Advisor to the Under Secretary for Domestic Finance, Department of the Treasury, Main Department Building, 1500 Pennsylvania Avenue, NW., Washington, DC 20220, at (202) 9276618.