PCAOB Adopts Charters for Its Two New Advisory Groups
Today the Public Company Accounting Oversight Board (PCAOB) approved new charters governing the membership and activities of the Investor Advisory Group (IAG) and the Standards and Emerging Issues Advisory Group (SEIAG).
“Advisory groups provide an important forum for stakeholders to engage with the PCAOB and share their perspectives on our oversight activities,” said PCAOB Chair Erica Y. Williams. “With the adoption of IAG and SEIAG charters, we have a solid structure in place to foster a regular and robust dialogue with representatives from all stakeholders, including the investor community, audit committees, and preparers and auditors of financial statements.”
The frameworks for the charters were initially proposed in January for public comment.
The IAG will advise the PCAOB on matters concerning the PCAOB’s mission to oversee the audit of companies that are subject to the securities laws, and related matters, in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports, including investors’ perspectives on key areas of concern and potential emerging issues related to the PCAOB’s oversight activities.
The SEIAG will advise on existing standards, proposed standards, potential new standards, and on matters other than standards, such as emerging issues, that are of significance to the PCAOB in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports.
Along with approving charters for the new advisory groups, the Board also voted to dissolve the Standards Advisory Group, which had been established in March 2021.
Announcement of Advisory Group Member Appointments and Meeting Dates
In January, the Board also opened nominations for those seeking to participate in the IAG or the SEIAG. The nomination period closed on February 28, and the Board expects to announce advisory group appointments shortly, along with dates for these groups’ inaugural meetings.
Learn more about the IAG and SEIAG at the PCAOB’s Advisory Groups page.
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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