December 3, 2007, statement on concentration in the U.S. public company audit market before the Treasury Advisory Committee on the Auditing Profession

This letter discusses the concentration in the U.S. public company audit market. The effectiveness and efficiency of the audit market for public companies are critical to the functioning of our capital markets. Therefore, GAO commends the Secretary of the Treasury for establishing this Advisory Committee on the Auditing Profession to proactively evaluate the current and future auditing profession in the United States.