Washington, D.C., Nov. 6, 2003
The Public Company Accounting Oversight Board is now soliciting nominations for members of a standing advisory group that will assist the Board in carrying out its standards-setting responsibilities for auditing.
The advisory group will consist of approximately 25 members with expertise in a variety of fields, including accounting, auditing, corporate finance and corporate governance, and investing in public companies.
Members will be selected by the Board based on nominations, including self-nominations, received from any person or organization. The nomination forms are available under Standards on the Board’s Web site, www.pcaobus.org. The deadline for submissions is Monday, Dec. 22, 2003.
The group’s first Chair will be the Board's Chief Auditor and Director of Professional Standards, Douglas R. Carmichael, who will prepare the meeting agendas, organize and oversee meetings, and act as the liaison to the Board. Membership in the advisory group is personal to the member, and the duties and responsibilities of the member cannot be delegated to others. Members will be subject to certain sections of the Board's Ethics Code, as well as other conditions provided in Rule 3700, a rule on the formation of advisory groups.
Section 103(a) (4) of the Sarbanes-Oxley Act provides that the Board may form an advisory group to assist it in carrying out its standards-setting responsibilities. Rule 3700 became effective Oct. 31, 2003, with the approval of the U.S. Securities and Exchange Commission. The rule can be found under Rulemaking on the Board’s Web site, www.pcaobus.org.