Board Announces Standing Advisory Group Meeting

Washington, D.C., Jun. 7, 2007

The Public Company Accounting Oversight Board announced today that it has scheduled a meeting of its Standing Advisory Group for Thursday, June 21, from 9:00 a.m. to 4:30 p.m., at The Army and Navy Club, 901 17th Street NW, Washington, D.C.

The group will discuss the PCAOB's interim standards on auditing accounting estimates and fair value measurements. The discussion will focus on fair value within the broader context of auditing accounting estimates.

The group also will discuss the PCAOB’s interim standard on related parties with a focus on the auditor's role in assessing risks relevant to related party transactions and performing audit procedures to identify and test transactions with related parties.

In addition, as suggested by several SAG members at previous meetings, the group will engage in a panel discussion on engagement team performance. The panel will focus on the audit partner's involvement in two aspects of the audit engagement – the planning and supervision of the audit engagement and the areas of the audit with higher risk or that involve complex issues and extensive use of professional judgment.

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.