Chamber-Comment-SEC-Approval-of-PCAOB-Risk-Standards

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CENTER FOR CAPITAL MARKETSdCOMPETITIVENESS1615 H STREET, NWTOM QuMWASHINGTON, DC 20062-2000VICE PRESIDENT(202) 463-5540tquaadman@uschamber.comOctober 13, 2010Ms. Elizabeth M. MurphySecretaryU.S. Securities and Exchange Commission100 F Street, NEDC 20549-1090Washington,Re: File Number PCAOB-2010-O1, Public Company Accounting OversightBoard Proposed Rules on Auditing Standards Related to the Auditor’sand Response Risk and Related Amendments PCAOBAssessment of to toStandardsDear Ms. Murphy:The U.S. Chamber of Commerce (the “Chamber”) is the world’s largestfederation of businesses and associations, representing the interests of more thanthree million U.S. businesses and professional organizations of every size and in everyThese members are users and preparers of financialeconomic sector. bothThe Chamber created Center for Capital Markets Competitivenessinformation. the(“CCMC”) to promote a modern and effective regulatory structure for capital markets2Utto fully function in a century economy.Because of continuing substantive concerns, the CCMC believes that the RiskStandards should not be approved by the SEC and sent back to the Public CompanyAccounting Oversight Board (“PCAOB”) for reconsideration. In summary, theCCMC’s concerns are centered upon:The Risk Standards have been considered and approved by an1)undermanned PCAOB;2) The proposed effective date provides an insufficient time for theirimplementation;3) The PCAOB did not issue a ...

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