Board Announces June Standing Advisory Group Meeting

Washington, D.C., May 30, 2006

The Public Company Accounting Oversight Board announced today that it has scheduled a Standing Advisory Group meeting for Monday, June 12, from 10:30 a.m. to 6:15 p.m. and Tuesday, June 13, from 9:00 a.m. to 12:30 p.m. at The Army and Navy Club, 901 17th Street, NW, Washington, DC.

The advisory group will discuss topics related to audits of internal control over financial reporting as well as other standards-setting topics.

Specifically, the group will discuss current PCAOB activities regarding implementation of the internal control provisions of the Sarbanes-Oxley Act of 2002 and the PCAOB’s Auditing Standard No. 2. In addition, the group will engage in a panel discussion about two aspects of internal control auditing in which the PCAOB may consider refinements to its auditing standard:

  • The role of company-level controls in audits of internal control over financial reporting and
  • The auditor's involvement in management's assessment of internal control.

The group will also hear a panel of analysts discuss their compilations of data on corporate disclosures about internal control. The group will then identify and discuss areas of auditing and accounting that, based on this data, may pose special challenges to auditors.

Finally, the group will hear a panel of academic researchers discuss their compilations and syntheses of research related to auditing fair value and auditors’ risk assessments.

The agenda and other documents for this meeting can be found under Standards, Standing Advisory Group, on the Board’s Web site at The meeting is open to the public and will be webcast on the Board’s Web site.