24 November 2008

We are pleased to release a special Hot Topic, "SEC issues proposed roadmap for the potential use of IFRS in financial statements prepared by US issuers," an issue of InSights, "The focus of audit committees during the financial crisis" and three issues of ViewPoints, a publication designed to provide audit committee members with leading practice information on emerging practices and practical insights on the key issues and trends facing today's audit committees.

The Hot Topic focuses on the US Securities and Exchange Commission's (SEC) long-awaited proposed "Roadmap" and outlines the SEC's proposals for International Financial Reporting Standards (IFRS) adoption in financial statements prepared by US public companies. The Hot Topic summarizes the significant elements of the SEC's proposal and discusses what the future holds for IFRS. Additionally, Ernst & Young leadership held an in-depth discussion of the SEC's release and the Roadmap's milestones during a November 20 webcast - "Journey to IFRS: The SEC's Roadmap." Please view a rebroadcast of the discussion at www.ey.com/webcast under Archived webcasts.

InSights, "The focus of the audit committees during the financial crisis," highlights the issues that leading companies' audit committees are focused on as the current economic environment has changed the look of audit committee agendas to include:

All three issues of ViewPoints were published as a result of the Audit Committee Leadership Summit, a meeting of the European and North American Audit Committee Leadership Networks held on September 30 - October 1, 2008, and summarize discussions on the following topics:

• "Finding a balanced approach to global regulation" focuses on the need for better cooperation between global regulators and how regulation can be more effectively streamlined and enforced.
• "IFRS in Europe and the US: lessons learned and challenges ahead" provides an overview of the discussion of International Financial Reporting Standards (IFRS) and changes to fair value accounting, particularly during the financial crisis, as well as the challenges that lay ahead with a US move to IFRS and the future of standard setting.
• "Enterprise risk: recurring challenges and new considerations for the audit committee" covers companies persistent problems with managing risk, the role of the board and the audit committee, and how the audit committees can enhance their role in risk oversight.

(NOTE: If the above links do not work, please cut and paste the following URL into your web browser to access the information: www.eyonline.com/auditcommittee.)

Please feel free to share these publications with your colleagues or anyone else that you think would be interested.

Sincerely,

Ernst & Young

Ernst & Young presents: fair value accounting: update on recent activities

Join us for this special webcast on Tuesday, December 16
3:00 pm - 4:30 pm Eastern Time

Topics for this event will include:

• FSP 157-3 and the SEC/FAS joint press release
• SEC roundtables on fair value accounting
• Other standard setter activities

Panel
David Holman, Ernst & Young Americas Director, Accounting Standards
Kevin Kispert, Ernst & Young Partner, National Department of Professional Practice
Paul Haus, Ernst & Young, Partner, National FSI Professional Practice Group
Ellen Glazerman, Ernst & Young Executive Director, EY Foundation and Americas Director, University Relations

How does live interactive webcasting work?
A webcast allows you to participate in a live event without leaving your desk by plugging into two basic communication tools: a telephone connected to a designated conference call number, and a computer with Internet access, either on a separate phone line or through a direct connection to the Internet. Once connected, you will be able to ask questions and have them answered and participate in polls real-time, among other features.

Continuing professional education (CPE) credit
We anticipate that this webcast will qualify for one CPE credit. In order to receive a certificate of completion, you must connect to the technology and the teleconference and respond to the polling questions throughout the webcast. Certificates will be automatically sent via email to those who meet the CPE requirements within approximately four weeks of the program date.

How do I register?
Please register for the webcast by 9:00 pm Eastern Time on Monday, December 16 in order to receive the program link and teleconference number prior to the program.

1. Click on the following URL or copy and paste it into your browser:
   https://ey.webex.com/ey/onstage/g.php?d=488352018&t=a
2. Click the register button near the bottom of the page.
3. Complete the enrollment page. The asterisked fields are required. When finished, click the submit button at the bottom right of the screen.
4. The next screen will confirm your registration. You may click the done button at the bottom to exit. Within the next 30 minutes, you can expect to receive your confirmation email containing the access instructions you'll need to join the live webcast.

Registration questions?
If you encounter any difficulties, contact WebEx technical support 24 hours a day, 7 days a week.
U.S. and Canada (866) 863-3904
International +1 916 861-3155
Select option 4, then option 1

We hope you will be able to join us and we look forward to your participation. If you have any questions, please send an email message to: anne.e.mitchell@acs-inc.com