Paulson will take a look at audit industry

Blue ribbon-type committees are usually formed in the wake of some perceived crisis, like the nation's financial competitiveness. Sarbanes Oxley has been one reason for the spate of committees that we've seen recently. And now there is one more. This one will take a look at the accounting industry. Henry Paulson, Treasury Secretary, has been concerned that the system places perhaps too-heavy a burden on accounting firms to sniff out problems. That has led to the cover-your-butt approach that AS5 is trying to undo. In light of AS5, it will be interesting to see what more specific steps the Treasury committee can come up with. For what it's worth, Arthur Levitt and Paul Volcker are on the committee.  

For more:
- here's an article from the AP

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