PCAOB to consider proposing new rules

The Public Company Accounting Oversight Board has scheduled an open meeting for 9:30 a.m. Tuesday, July 24, 2007, in the Board’s meeting room at 1666 K St. NW, Washington, D.C. The Board will consider proposing an ethics and independence rule concerning communication with audit committees that would supersede the Board's interim independence requirement, Independence Standards Board Standard No. 1, Independence Discussions with Audit Committees, and two related interpretations.

The Board will also consider proposing an amendment to Rule 3523, Tax Services for Persons in Financial Reporting Oversight Roles, that would exclude the portion of the audit period that precedes the beginning of the professional engagement period, and further adjusting the implementation schedule for Rule 3523 as it applies to tax services provided during the audit period.

The meeting will be Webcast via a link on the PCAOB’s Web site [1] that will be made available the day of the meeting. The meeting also will be available via podcast later in the day.

The PCAOB is a private-sector, nonprofit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.