PCAOB Announces Standing Advisory Group Meeting on May 15-16, 2013

The Public Company Accounting Oversight Board today announced that it will hold a meeting of its Standing Advisory Group on Wednesday and Thursday, May 15-16, 2013.

The meeting agenda includes a discussion of recent PCAOB developments and the Board's current standard-setting activities. Additionally, the SAG will discuss:

• The Board's Future General Reports: How the PCAOB may improve the usefulness of its publicly issued general reports related to inspection findings, such as summary reports on the inspections of small and large firms, and topical reports, such as fraud and internal control.

• Audit Quality Indicators: Consideration of audit quality indicators that might be most helpful to audit committees and investors when evaluating audit services at the engagement team or firm level.

• Outreach with Audit Committees about PCAOB Activities: Potential enhancements to the PCAOB's outreach to and interaction with members of audit committees.

• Related Parties: The Board announced today that on May 7 it will consider reproposing for public comment an auditing standard, Related Parties, as well as amendments to certain PCAOB auditing standards regarding significant unusual transactions and other amendments. Pending approval from the Board to issue the reproposal, the SAG will discuss the Board's reproposed standard.

The meeting will be held at The Westin Washington, DC City Center Hotel, 1400 M Street NW, Washington, DC, and will be open to the public on May 15 and May 16 from 8:30 a.m. to 12 p.m. each day. The meeting also will be available via webcast on the PCAOB website.

The SAG includes auditors, investors, public company executives, and others. The group is chaired by PCAOB Chief Auditor and Director of Professional Standards Martin F. Baumann. More information is available on the Standing Advisory Group page on the PCAOB website.