Statement From The American Institute Of Certified Public Accountants, Securities Industry Association And The Bond Market Association On Discussions Regarding Auditor Due Diligence
Date 28/10/2005
The AICPA, the SIA and TBMA announced that their representatives have initiated discussions regarding auditor participation in underwriter due diligence. It is expected that these discussions will also involve other interested parties, including investors, issuers and regulators. In connection with these discussions, the AICPA stated that the prior discussion draft on this subject (referred to informally as “White Paper II”) has been put aside in favor of a “clean sheet of paper.” In the meantime, the AICPA expects professional practices in this area will continue to be dealt with on a firm-by-firm basis. The AICPA, the SIA and TBMA agreed that the guiding principle will be the protection of investors and the capital markets.