Background: In October 1998 the Public Oversight Board established the Panel on Audit Effectiveness in response to a request by the Securities and Exchange Commission. The Panel conducted a comprehensive review and evaluation of the way independent audits of financial statements of publicly traded companies are performed and assessed the effects of recent trends in auditing on the quality of audits and on the public interest.

As part of its work, the Panel reviewed a sample of audits of public companies to gather empirical data on the quality of auditing and conducted a survey on audit effectiveness, seeking the views of many who are interested in financial reporting.

The Exposure Draft of the Panel's Report was issued in May 2000. The Panel analyzed comments received from organizations and individuals who testified during the two days of public hearings or who submitted letters of comments. The final Report and Recommendations was issued on August 31, 2000.

Public Files: Transcripts of the public hearings and copies of written submissions on the Exposure Draft will be available for inspection upon request at the offices of the Public Oversight Board on or about September 15, 2000, and until September 15, 2001. Requests to inspect this information may be directed to the POB at the address listed below.

Availablity of report: The final report may be downloaded from this website, either in its entirety or by chapter. Individuals or organizations may request one printed copy by writing to the POB at the address listed below.

POB Contact: To request one copy of the report or to arrange for access to the Panel's public files, please contact:

The Public Oversight Board
One Station Place
Stamford, CT 06902

Phone: (203) 353-5300
Fax: (203) 353-5311
E-mail: info@publicoversightboard.org

2003 Public Oversight Board