Contact: Cindy Morgan-Olson 
Manager, National Communications
Deloitte & Touche LLP
1 646 408 5896

ATLANTA, May 20, 2003 — An open, three-way relationship between the audit committee, the auditor, and management is vital to high-quality audits and effective corporate governance, chief executive officer of Deloitte & Touche LLP and its global organization Deloitte Touche Tohmatsu, Jim Copeland said this week.

During a panel titled, "New Board Relationships with Lawyers and Accountants," which was part of Emory University's prestigious Goizueta Business School Directors Institute three-day forum "Corporate Governance for Competitive Advantage," Copeland stated that auditors have to work with client management, but they also should be working for the audit committee.

In his final speaking engagement as CEO, he explained how recent developments have changed the dynamics among audit committees, auditors, and management and have encouraged a higher degree of auditor independence. Assuming active ownership of the auditor relationship enables audit committees to insulate their auditors from inappropriate attempts by management to influence auditors' decisions, he said. 

But Copeland cautioned, "This ownership implies responsibility. Audit committee meetings are longer, more substantive and more intense. That's good. But in a limited number of cases, we still see audit committees serving as a rubber stamp for management - which I find amazing in the post-Enron environment."

Responding to audience questions, Copeland concluded, "Companies need to get beyond their boundaries in thinking and also consider the extended risk to their enterprise with regard to the companies with which they do business, or have relations with, and examine the potential risk for brand or economic damage."

Board of Directors members attending the Emory University conference included representatives from over 60 companies including American Express, BellSouth, Coca-Cola, DuPont, Scientific Atlanta and UPS. Moderated by A.P. Carlton, president of the American Bar Association, the panel also included Denny Beresford, Executive Professor of Accounting at the University of Georgia and Robert Guido, Vice Chairman & Partner, Ernst & Young.

The Goizueta Business School believes that the most pressing leadership challenge is the crisis of confidence regarding corporate governance, and it provides forums to present research and best practices related to the responsibilities of corporate officers and directors.

Mr. Copeland will retire as CEO from Deloitte Touche Tohmastu and Deloitte & Touche effective May 31. He will reside in Duluth, Georgia, with his wife Patricia.

About Deloitte Touche Tohmatsu
Deloitte Touche Tohmatsu is one of the world's leading professional services organizations. The member firms of Deloitte Touche Tohmatsu deliver world-class assurance and advisory, tax, and consulting services. With more than 119,000 people in over 140 countries, the member firms serve over one-half of the world's largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies. Our internationally experienced professionals strive to deliver seamless, consistent services wherever our clients operate. Our mission is to help our clients and our people excel.
Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity.