February 4, 2008
Former BLB&G Partner Sean Coffey was invited to appear before the U.S. Department of the Treasury's Advisory Committee on the Auditing Profession for its public session on February 4, 2008 in Los Angeles, California. Mr. Coffey participated in a panel on "Firm Structure and Finances," which covered liability and litigation issues facing the auditing profession. This panel was part of the U.S. Treasury Department's continued efforts to consider and develop recommendations relating to the sustainability of the auditing profession. Former Securities and Exchange Commission Chairman Arthur Levitt and former SEC Chief Accountant Donald Nicolaisen were the Co-Chairs of the Advisory Committee.
In his written submission and oral presentation, Mr. Coffey argued that the case for one of the proposals being considered by the committee - a cap on auditor liability - had not been made, and would result in a reduction in audit quality and imperil investor confidence in the integrity of our capital markets.