PCAOB Announces Standing Advisory Group Meeting on March 24, 2011

The Public Company Accounting Oversight Board announced today that the next meeting of the Standing Advisory Group will be held on Thursday, March 24, 2011.

For its first meeting this year, the SAG agenda includes an update on the Office of Chief Auditor's standard-setting agenda and other related PCAOB developments. The SAG also will discuss the potential need for guidance or revisions to PCAOB auditing standards on the auditor's responsibilities for auditing financial statement disclosures.

In addition, the meeting will include a presentation on projects of the Financial Accounting Standards Board (FASB). The SAG will continue its discussions from its July 15, 2010, and Oct. 14, 2010, meetings on potential audit implications of changes to U.S. generally accepted accounting principles and International Financial Reporting Standards being considered by the FASB and the International Accounting Standards Board.

A representative from the Committee of Sponsoring Organizations of the Treadway Commission will report on COSO's project to update its Internal Control – Integrated Framework. The SAG discussion will focus on the potential implications of COSO's update on PCAOB auditing standards and the auditor's responsibilities regarding internal control over financial reporting.

Finally, the SAG will discuss the auditor's reporting model and will receive an update from the staff on outreach the staff has conducted regarding potential changes that could be made to the auditor's report. The Office of Chief Auditor added the auditor's reporting model to its standard-setting agenda following discussions with the SAG at its April 7-8, 2010, and July 15, 2010, meetings.

The meeting will be held at 1201 15th Street N.W., Washington, D.C. from 8:30 a.m. to 5 p.m. It is open to the public, and will be Webcast live and available later by podcast. The first of three briefing papers for this meeting is available today, "Presentation – Auditing Implications of COSO Project to Update the COSO Internal Control – Integrated Framework" (under "Related Information").

The Board convened the SAG to advise the PCAOB in its development of auditing and related professional practice standards. The SAG includes auditors, investors, public company executives, and others. The SAG is chaired by PCAOB Chief Auditor and Director of Professional Standards, Martin F. Baumann.