On this point, the United States is behind the UK, where regulators are actually talking about the form and content of the audit report and whether the current audit process actually serves any useful purpose for investors.

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And the current arrangements were criticised last year when a National Audit Office report raised concerns about the safety of storage of waste at Sellafield.

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There is no shortage of evidence that the current system of local government could be improved: last year, an Audit Commission report criticised the committee system as an enormous waste of time and money.

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Ms. Lew says she learned about her current position in 2004 after conversations with several fellow members of the Information Systems Audit and Control Association.

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Ms. CINDY FORNELLI (Executive Director, Center for Audit Quality): The investors are entitled to know the truth about the current value of these securities, even if it's bad news.

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He made his comments while giving evidence to the Commons Environmental Audit Committee's inquiry into how the UN Kyoto Protocol will progress after the current period for emission targets ends in 2012.

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The proposals will give the National Audit Office new powers to scrutinise expenses while claims would be broken down into 26 categories rather than the current 14.

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