PCAOB Names Advisory Group

The Public Company Accounting Oversight Board today announced the formation of a Standing Advisory Group to assist the Board in carrying out its standards-setting responsibilities.

“The Standing Advisory Group will bring a multi-disciplined perspective to the Board’s process of setting auditing standards,” said Board Chairman William J. McDonough. “While the Board’s staff will draft the standards, this group of experts will give its advice to the Board on standard-setting priorities and policy implications of existing and proposed standards.”

In November 2003, the Board began soliciting nominations for the group. The Board received more than 170 nominations, including many prominent and highly experienced people. From this list of nominees, the Board selected 30 individuals with expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance, and investing in public companies.

“The group will help the Board review existing auditing standards to identify where necessary changes or updates are needed to improve audit quality,” said Doug Carmichael, the Board’s Chief Auditor and the advisory group’s first Chair. “I am pleased with the broad range of experience and expertise that the Board has chosen for this important group.”

The members of the group are selected based on their qualifications and not the organizations they represent. Membership is personal to the member, and the duties and responsibilities of the member cannot be delegated to others.

The Board has also invited four organizations to participate as observers: the Financial Accounting Standards Board, the General Accounting Office, the International Auditing and Assurance Standards Board and the Securities and Exchange Commission.

The Standing Advisory Group will meet in both open and executive sessions. Decisions on recommendations to the Board will be made at open meetings.

You may like these other stories...

A proposal issued by the Governmental Accounting Standards Board (GASB) last week explains how fair value measurement should be defined for state and local government financial reporting.The exposure draft, Fair Value...
By Jason Bramwell The board of trustees of the Financial Accounting Foundation (FAF) finalized a new policy on November 19 that provides the Governmental Accounting Standards Board (GASB) with direction on what...
By Jason Bramwell The Governmental Accounting Standards Board (GASB) is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.