Board to Consider Auditor Registration, 2003 Budget, and SEC Request

The Public Company Accounting Oversight Board has scheduled an open meeting for 1:30 p.m. Monday, April 21, in the Stafford Room at the Capital Hilton, 16th & K Streets NW, Washington, D.C.

The Board is scheduled to consider:

• Adopting a registration system for public accounting firms, including non-U.S. firms. The Sarbanes-Oxley Act of 2002 makes it unlawful to play a substantial role in preparing or issuing an audit report on a public company, without being registered with the PCAOB. Audit firms must be registered within 180 days after the Securities and Exchange Commission determines that the Board has the capacity to fulfill the requirements of the Act, which is expected to occur not later than April 26, 2003. The Board proposed rules on registration, including a form and instructions for registration, on March 7, 2003, and received more than 40 written comments on the proposal. The comments are available on the Board’s Web site at www.pcaobus.org.
• Approving the Board’s 2003 Budget.
• Requesting that the SEC determine that the Board has the capacity to carry out its responsibilities under the Act. Under Section 101(d) of the Act, the Commission must determine by April 26 that the Board is capable of carrying out the requirements of the Act and enforcing compliance with the Act by registered public accounting firms and associated persons.

If adopted, the budget and registration rules and form will be submitted to the Securities and Exchange Commission for approval pursuant to the Sarbanes-Oxley Act, along with the Board’s formal request for the Section 101(d) determination

The meeting will be webcast and open to the public.