The Act requires all public companies to submit both quarterly and annual assessments of the effectiveness of their internal financial auditing controls to the Securities and Exchange Commission.

The Council includes experts in financial and performance auditing drawn from all levels of government, private enterprise, public accounting, and academia.

This was not discovered by the UK Treasury until 1951 who were most concerned that no form of financial auditing had ever been exercised over the organisation.

In other countries, financial auditing, conflict of interest rules and ethical standards may be lax, and donors may have difficulty learning whether their money has been well spent, said Daniel Borochoff, the president of the American Institute of Philanthropy.

This week, officials trumpeted a new policy that could make a difference if consistently enforced: routine financial auditing of retiring senior officials and heads of state enterprises.

"Really," she softly uttered, astonished at such matter-of-fact financial auditing.

It is conceptually similar in many ways to financial auditing by public accounting firms, quality assurance and banking compliance activities.

And other fields that will see increasing demand are data storage and data security, financial advising, financial auditing and mediation, according to Rick Cobb, executive vice president of the outplacement firm Challenger, Gray & Christmas in Chicago.

A further reason why we voted against was that the rapporteur seeks to involve the European Central Bank and proposes that the Commission should carry out financial auditing on the Member States.

The title was maintained thereafter for military officers with responsibility for financial auditing at regimental level and above.