The Public Company Accounting Oversight Board today announced that it will hold a meeting of its Standing Advisory Group on Tuesday and Wednesday, June 24-25, 2014, and the agenda for that meeting.
The agenda includes a discussion of recent PCAOB developments and the Board's current standard-setting activities. Additionally, the SAG will discuss:
- Initiatives to Improve Audit Quality — Root Cause Analysis, Audit Quality Indicators (AQIs), and Quality Control Standards: A discussion of root cause analysis to improve audit firms' overall systems of quality control; potential uses of AQIs; potential improvements to the existing quality control standards; and how these three initiatives may improve audit quality.
- Cybersecurity: A panel discussion on cybersecurity issues and their potential implications for financial reporting and auditing.
- Revenue Recognition: A panel discussion of the Financial Accounting Standards Board's (FASB) recently adopted standard on the recognition of revenue from contracts with customers; and related audit considerations.
- Going Concern: A discussion of FASB's accounting standards update on disclosure of uncertainties about an entity's ability to continue as a going concern and its potential effects on audits.
The meeting will be held at the Hyatt Arlington Hotel, 1325 Wilson Boulevard, Arlington, Virginia. On June 24, the meeting will be open to the public from 1 p.m. to 3:30 p.m., and on June 25, from 9 a.m. to 3:30 p.m. The meeting also will be available via webcast on the PCAOB website.
The SAG includes investors, auditors, public company executives, and others. The group is chaired by PCAOB Chief Auditor and Director of Professional Standards Martin F. Baumann. More information is available on the Standing Advisory Group page on the PCAOB website.