U.S. Chamber Launches Study on the Future of Auditing

WASHINGTON, D.C. – The United States Chamber of Commerce's National Chamber Foundation (NCF) – a nonpartisan affiliate of the U.S. Chamber – launched a major study today on the future of the auditing profession. The study will assess the value of independent audits for management, investors and regulators; the future of the profession; and suggested reforms.

"Our goal is to inform policymakers and the public about the role and function of independent audits in the U.S. economy," said David Hirschmann, senior vice president of the Chamber and executive vice president of NCF. "This study will provide empirical data about the changing role of independent audits and identify ways to strengthen the auditing profession and the value of audits."

The study will be conducted by the RAND Corporation, a nonprofit research organization providing objective analysis that addresses the challenges facing the public and private sectors around the world. The study will examine the issues surrounding independent audits and recommendations to ensure the viability of the auditing profession and enhance the value of audits.

"In the post Sarbanes-Oxley world, the rules of the game have changed for the auditing profession," said Hirschmann. "Auditors are facing growing demands from companies and financial markets. At the same time, they face changing accounting standards and an explosion of auditing-related litigation that threatens the entire profession."

A 28-member blue ribbon advisory panel will ensure that the study includes a broad range of views from those who have historically relied on the work of the auditing profession: institutional and individual investors, CEOs, CFOs, Audit Committees, financial service providers and regulators.

The study is expected to be released in the first quarter of 2005.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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