The United States General Accounting Office issued a report on June 19, 2002 that provides their assessment of actions taken by a number of parties, including the accounting profession, to implement the recommendations on the POB Panel on Audit Effectiveness, a.k.a. the O'Malley Panel.

Included as appendices to the report are a comment letter on the draft report from the AICPA (p72) and a letter from Comptroller General David Walker to the Chairman of the Senate Banking Committee.

Use the following link to take you to the report as posted on the GAO Web site: http://www.gao.gov/new.items/d02411.pdf.