The Public Company Accounting Oversight Board (PCAOB) has announced the panelists and schedule of appearances for its October 18 public meeting on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms.
The meeting is being held in Houston, and panelists include academics, investors, audit committee members, corporate officers, auditors, and other interested parties.
This is the PCAOB's third public meeting on auditor independence and audit firm rotation. The first meeting was held in Washington, DC, on March 21-22, 2012. The second public meeting was held in San Francisco on June 28, 2012. The webcast and transcript of the March and June meetings are available on the PCAOB website.
The PCAOB issued a concept release on August 16, 2011, inviting public comment on these issues.
Although panelists have been invited to provide views on any of the issues raised in the board's concept release, panelists have also been asked to comment specifically on certain themes, issues, and suggestions from the Washington, DC, and San Francisco public meetings.
Topics provided to panelists for discussion include, among others:
- Views on practical challenges related to firm rotation (and any factors that might mitigate, or exacerbate, them)
- Role of the audit committee in enhancing auditor independence and professional skepticism
- Potential impact of approaches other than rotation on professional skepticism.
In addition, academics will discuss research pertinent to the issues raised in the concept release.
The meeting will be held at the Shell Auditorium at the Jesse H. Jones Graduate School of Business, Rice University, Houston, Texas. It will be open to the public and also available via webcast on the PCAOB website.
Consistent with its standard practice, the PCAOB is reopening until November 19, 2012, the comment period on the concept release to provide an opportunity for members of the public to offer their views, including on any new information that becomes available as a result of the meeting.
Comments may be submitted by postal mail or electronic mail. Written comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street N.W., Washington, DC, 20006-2803. E-mail may be sent to firstname.lastname@example.org.
All comments should refer to PCAOB Rulemaking Docket Matter No. 037 in the subject or reference line and should be received by the PCAOB no later than 5:00 p.m. (EDT), November 19, 2012. All comments will be made public.
Source: October 15, 2012, PCAOB Press Release