PCAOB Acting Chairperson Announces Reassessment of Stakeholder Engagement, Advisory Groups

Washington, Jun. 22, 2021

The Public Company Accounting Oversight Board Acting Chairperson Duane DesParte today announced that he has directed staff to reassess the organization’s stakeholder engagement efforts, including revisiting for Board consideration the structure and membership of its advisory groups.

“It is crucial we seek a comprehensive and diverse array of perspectives and advice to best inform our oversight work and advance our mission of investor protection,” said Acting Chairperson DesParte. “Listening carefully to the feedback we have received and reflecting on our work in many areas, including our engagement with the investor community, I believe it is important to reassess our current path to ensure all stakeholders are represented at the table and that their voices are heard.”

Given this reassessment, the nominations process for membership in the recently announced Standards Advisory Group is being paused. Submitted nominations will be considered once the reevaluation of the framework and composition of advisory groups is completed, and additional nominations may be solicited at that time.

“We appreciate all those who have stepped up as nominees to share their insights with the Board,” added Acting Chairperson DesParte. “We encourage them and other stakeholders to continue to engage with us as we work to enhance our ongoing outreach efforts.”

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers, including compliance reports filed pursuant to federal securities laws.

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