Washington, D.C., Nov. 29, 2011
The Public Company Accounting Oversight Board today announced 28 new and re-appointed members to its Standing Advisory Group (SAG), as the Board expands the size of the advisory group and increases SAG members' terms from two years to three years. This brings the total SAG membership to 42.
"We continue to find our SAG to be an important source of insight and advice and we are enlarging it to give us an even larger pool of experts from which to draw," said PCAOB Chairman James R. Doty. "We want to hear from all the diverse interests who have a stake in the preparation of informative, accurate and independent audit reports."
The SAG includes experts in the fields of accounting, auditing, financial reporting, corporate finance and corporate governance, as well as experts in investing in public companies.
The SAG was established in June 2003 (see PCAOB Release No. 2003-009). The release provided general guidelines for the role, size, and composition of the SAG and established two-year terms for each member.
The Board is increasing the SAG term to three years. The longer term allows the PCAOB to benefit from the insight and advice of the SAG members for a longer period of time and will bring the SAG member terms in line with the terms of its Investor Advisory Group.
"We are grateful that SAG members generously share their valuable time and expertise with us," said Martin F. Baumann, PCAOB Chief Auditor and Director of Professional Standards and SAG Chairman.
"Given our numerous standard-setting initiatives focused on improving audit quality and driving investor protection, we look forward to significant and valuable input from these SAG members," he added.
Initially, individual SAG terms will be staggered to allow a greater continuity of membership. Of the new and reappointed members, 14 members will serve two-year terms, beginning in January 2012, and the remaining 14 members will serve three-year terms, beginning on the same date.
The names of the 2012 SAG members are listed below, including 14 continuing members. Their biographies may be found on the right under "Related Information."
The PCAOB issued a request for SAG nominations in May 2011. The Board received more than 100 applications. The PCAOB solicits nominations and re-nominations annually. Membership in the advisory group is personal to the member, and the duties and responsibilities cannot be delegated to others.