Washington, D.C., July 6, 2011
The Public Company Accounting Oversight Board today announced the inauguration of the PCAOB Scholarship Program and the academic undergraduate and graduate institutions who have nominated a student to receive an award this year.
For the 2011-2012 academic year, the PCAOB plans to award 52 merit-based scholarships of $10,000 each.
"We are grateful to Congress for allowing us to bring the PCAOB and the academic community closer together with this scholarship program that will provide a source of funding to encourage outstanding students to pursue a career in auditing. We hope to inspire future thought leaders in auditing for the benefit of investors," said PCAOB Chairman James R. Doty.
The Sarbanes-Oxley Act of 2002 provides that funds generated from the collection of monetary penalties imposed by the PCAOB must be used to fund a merit scholarship program for students in accredited accounting degree programs. The PCAOB Scholarship Program therefore has been created to identify eligible students for scholarships and award funds through the students' educational institutions.
The PCAOB has selected ACT, Inc. (ACT) of Iowa City, Iowa, to administer and manage the program on behalf of the PCAOB.
Students may be eligible for scholarships if they are enrolled in an accredited accounting degree program and attend a participating, nominating institution. Students eligible to receive a PCAOB scholarship must:
The PCAOB scholarship program is merit-based but educational institutions are encouraged to give consideration to students from populations that have been historically underrepresented in the accounting profession.
A description of the PCAOB scholarship program, along with information on the nomination process, information on the selection of nominating institutions and other program details, can be found on the PCAOB website.