Similarly, shows that companies -- especially top companies --- often are reluctant because of status-related concerns about hiring audit committee members with financial expertise, and are abetted in this reluctance by Securities and Exchange Commission rules. The rules, according to USC's take on things, allow plenty of wriggle room when it comes to defining this expertise.

But wriggle room or not, this expertise may soon come to audit committees -- albeit with companies kicking and screaming in the process -- thanks in part to a .

The proposals contained in this , which generated over , will push auditors into going well beyond the current "pass-fail" nature of their reporting, James Liddy, KPMG vice chair, audit, says during a . [Registration necessary.]

Although the PCAOB laid out a few alternatives in the release, all would involve the provision of an auditor's discussion and analysis, which would, in effect, evaluate the assertions made in a company's management discussion and analysis. In addition, auditors would have to provide assurance on other information outside of the standard auditor's report per se.