PCAOB Announces Standing Advisory Group Meeting on July 15, 2010

The Public Company Accounting Oversight Board announced today that the next meeting of the Standing Advisory Group (SAG) will be held on Thursday, July 15, 2010.

The meeting will include a presentation on projects of the Financial Accounting Standards Board and International Accounting Standards Board relating to potentially significant accounting changes affecting U.S. generally accepted accounting principles and International Financial Reporting Standards. The SAG discussion will focus on the potential impact of these changes upon auditors of public companies.

The meeting agenda also includes a discussion of standard-setting issues pertaining to the audits of broker-dealers. Auditors of SEC-registered broker-dealers currently are required to be registered with the PCAOB, and Congress is considering legislation that would give the Board additional regulatory authority over these auditors.

In addition, PCAOB staff will update the SAG on comments received on a proposed standard on communications with audit committees and will seek input from the SAG on a standard-setting project that addresses audit requirements for subsequent events. The PCAOB staff will also present a possible approach to standard-setting projects pertaining to the auditor’s reporting model.

The meeting will be held at 1135 16th Street N.W., Washington, D.C., from 8:30 a.m. to 3:45 p.m., and is open to the public. It will be webcast on the Web site and available later by podcast.

The Board convened the SAG to advise the PCAOB on the development of auditing and related professional practice standards. The SAG includes auditors, investors, public company executives, and others. The group meets two or three times a year and is chaired by PCAOB Chief Auditor and Director of Professional Standards, Martin F. Baumann.