The PCAOB recently established the Center for Economic Analysis to study the role and relevance of the audit in capital formation and investor protection, and to promote and encourage related economic research. The Center advises the Board on how economic theory, analysis, and tools can be used to enhance the effectiveness of PCAOB program areas, including standard setting, inspections and other oversight activities.
To further that mission, the Center for Economic Analysis is soliciting interested applicants for up to four fellowship positions during the 2014-2015 academic year.
Senior Fellows. The Center is seeking two Economic Research Senior Fellows. Ideal applicants for these positions should have graduated recently from a doctoral program in economics, finance, accounting, or a related area. Individuals in the final year of a doctoral program also are encouraged to apply.
Fellows. The Center also is soliciting interested applicants for two Economic Research Fellows. Applicants for these positions should have completed all course work in a doctoral program in economics, finance, accounting, or a related area, and should be actively performing research or writing a dissertation.
Fellows are generally expected to be in residence at the PCAOB in Washington, DC, for the academic year to work with the Founding Director, Center staff and other Fellows. They will conduct economic research on auditing matters that will inform the oversight activities of the PCAOB in protecting investors. These include:
- the role and relevance of the audit in capital markets;
- the effectiveness of the audit in facilitating capital formation and protecting investors;
- the role of the audit in promoting access to public markets for small enterprises;
- the effects of audit and financial reporting failures on financial markets.
Topics of additional interest may include the structure of the market for audit services, as well as the profession's organizational form.
In exceptional cases, the PCAOB may permit an Economic Research Senior Fellow to be in residence at a PCAOB regional or satellite office and to travel to the PCAOB Washington, DC, office as needed.
Interested candidates should submit an application to CEA_Fellows@pcaobus.org. Applications must include:
- the applicant's name and contact information;
- a curriculum vitae;
- a cover letter that summarizes the applicant's qualifications and interest in the PCAOB, including a description of the applicant's goals and expectations for the fellowship;
- one or two research papers or recently published articles on topics relevant to the PCAOB;
- two letters of reference sent directly to the PCAOB by the referees;
- a research proposal that:
a) explains the proposed research topic, including the hypothesis to be tested if the project is empirical in nature;
b) details the benefit of that topic to the PCAOB and auditing regulation;
c) demonstrates the scientific merit and rigor of the proposal, including a proposed methodology;
d) describes the types of data necessary to complete the research, if empirical in nature;
e) provides a research plan that includes an expected timeline of the project.
Candidates with questions about the application process may contact Center staff at CEA_Fellows@pcaobus.org.
Applications must be submitted no later than April 18, 2014. A selection committee will review the applications and research proposals. Finalists for Fellow positions will be invited to Washington, DC, for interviews.
Successful applicants will have relevant qualifications and background and exceptionally strong research proposals. Proposals will be evaluated on several criteria including, but not limited to, the relevance of the proposal to the PCAOB mission, the rigor of the proposed methodology, and the feasibility of the proposal.
Compensation, Benefits, Timing, and Other Relevant Information
Senior Fellows will receive a competitive salary commensurate with their experience, in addition to related benefits. Fellows will receive a salary commensurate with a graduate assistantship at their home university, plus a cost-of-living adjustment, as applicable.
Fellowships for the 2014-2015 year will start in August or a mutually agreed-upon date and will continue for 12 months with the possibility of a single one-year renewal.
All Fellows will be required to abide by relevant provisions of the PCAOB Ethics Code that regulates employee conduct, requires financial disclosures, restricts certain outside activities while at the PCAOB, and prohibits the dissemination or disclosure of nonpublic information, among other requirements. Fellows also will be required to abide by the PCAOB's data access policy with regard to access and use of nonpublic data.
About the PCAOB
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection. PCAOB headquarters is in Washington, DC, and it has regional and satellite offices in Atlanta, GA; Ashburn, VA; Boston, MA; Charlotte, NC; Chicago, IL; Denver, CO; Fort Lauderdale, FL; Houston, TX; Irving, TX; Irvine, CA; Los Angeles, CA; New York, NY; Philadelphia, PA; Tampa, FL; and San Mateo, CA.