AUDIT WATCHDOG ISSUES SUBPRIME ALERT

The PCAOB recently published a Staff Audit Practice Alert, Matters Related to Auditing Fair Value Measurements of Financial Instruments and the Use of Specialists, which highlights

* Auditing fair value measurements;

* Classification of fair value measurements within the fair value hierarchy established by SFAS 157;

* The use of specialists in fair value measurements; and

* The use of pricing services in fair value measurements.

For more information or to access the alert, go to www.pcaob.org/ News_and_Events/News/2007/12-10a.aspx.