In a speech Aug. 16 at The City Club of Cleveland, a forum for public debate and discussion, Copeland outlined D&T's initiatives:

• The deployment of D&T corporate compliance and ethics services professionals to perform an extensive self-examination of the firm, including the firm's ability to improve ethical reviews of clients and employees within D&T.
• In addition to rotating the lead audit partner every five years, as required by new legislation, Copeland said D&T will apply the five-year partner rotation policy to all audit partners who are responsible for auditing major international subsidiaries.
• D&T will enact a policy of applying rotation requirements to all professionals serving public audit clients in any capacity, including those below the partner level.

Copeland said everyone who leads institutions needs to find ways to influence and encourage ethical, competent behavior.

"Our profession and our firm must continually consider new ways that we can better protect the public interest," said Copeland. "When you see the pain associated with any audit failure, it's clear we must do better -- and we will."

D&T has also assembled a team of professionals that will explore the specific potential models of Copeland's proposed National Financial Review Board, a federal agency modeled on the National Transportation Safety Board. The proposed board would investigate major corporate failures perform reviews of each failure and issue detailed public reports on the causes, and would supplement business investigatory roles performed by the Justice Department, Congress or the SEC.

editor@smartpros.com