PCAOB Announces Standing Advisory Group Meeting on May 17, 2012

The Public Company Accounting Oversight Board announced today that it will hold a meeting of its Standing Advisory Group on Thursday, May 17, 2012.

The SAG agenda includes an update on recent PCAOB developments as well as an update on the Board’s current standard-setting priorities. SAG members will be asked for input on consideration of topics for possible future SAG discussion and/or standard-setting.

In addition, the SAG will discuss the following topics on the Office of Chief Auditor’s standard-setting agenda:

• Going Concern: Possible revisions to the current auditing standard regarding the auditor’s evaluation of whether there is substantial doubt about a company’s ability to continue as a going concern.
• Related Parties: The Board’s outstanding proposal to improve the auditor’s evaluation of a company’s identification of, accounting for, and disclosure about its relationships and transactions with related parties. In light of the discussion of related parties, the Board is extending the comment period on this proposed standard until May 31, 2012.
• Auditor’s Reporting Model: The status of the Board’s project regarding changes to the auditor's reporting model and related international developments.

The meeting will be held at 1201 15^th Street N.W., Washington, D.C., from 8:30 a.m. to 5:00 p.m. The agenda and other documents for this meeting can be found on the website. The meeting is open to the public and will be webcast on www.pcaobus.org.

The Board established the SAG in 2003 to advise the PCAOB on the development of auditing and related professional practice standards. 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. Information about the SAG may be found under Related Information.