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U.S. Securities and Exchange Commission

Office of the Chief Accountant:
Letter from SEC Chief Accountant to Michael Conway, Chair, SECPS re: Implementing the O'Malley Panel's recommendations.

October 6, 2000

Mr. Michael A. Conway
Chair, SEC Practice Section
American Institute of Certified Public Accountants
1211 Avenue of the Americas
New York, NY 10036-8775

Dear Mr. Conway:

The Panel on Audit Effectiveness (the "Panel") issued its final report and recommendations on August 31, 2000. During the public hearings on the Panel's Exposure Draft, both Chairman Levitt and I stated our belief that the Panel's recommendations, if appropriately implemented, will go a long way toward improving the conduct of audits. Accordingly, we are requesting that the SEC Practice Section provide us with its detailed action plan and timetable for implementing each of the Panel's recommendations to the SECPS and AICPA.

We would be pleased to meet with you to discuss your action plan. Please contact Michael Kigin or John Morrissey at (202) 942-4400 to set up a meeting.


Lynn E. Turner
Chief Accountant

Cc: Mr. Charles Bowsher, Chairman - Public Oversight Board
Mr. David Brumbeloe, Director - SEC Practice Section


Modified: 07/31/2001