The Public Company Accounting Oversight Board announced recently that it is seeking to fill a newly created position of Director of the Financial Reporting Fraud Resource Center, which is being established in response to a recommendation from the Treasury Advisory Committee on the Auditing Profession.
The Treasury Advisory Committee was established in 2007 to consider and develop recommendations relating to the sustainability of a strong and vibrant auditing profession. One of the recommendations called for the creation by the PCAOB of a national center to facilitate the prevention and detection of financial fraud.
"The Center is intended to complement the work of the PCAOB in improving audit quality in this area, by identifying opportunities and incentives for fraudulent financial reporting", said Daniel L. Goelzer, PCAOB acting chairman. "We believe the Center's work will raise the awareness of the investing public, other regulators and interested parties of financial reporting fraud."
Its primary objectives are to maintain and develop information related to financial reporting fraud, which can arise from a broad array of factors, including accounting and disclosure, auditing, corporate governance, insider trading, executive compensation, economic and other environmental circumstances, among other things. The Center will publish public reports on risks, and assist in developing educational materials, related to financial reporting fraud.
The Director will work with the Board and other senior PCAOB staff to set up the operations and activities of the new Center. Once the Center is established, the Director will be responsible for its day-to-day operations, including hiring and managing staff.