PCAOB Announces Standing Advisory Group Meeting on Nov. 9-10, 2011 and 2012 SAG Meeting Dates

Washington, D.C., Oct. 27, 2011

The Public Company Accounting Oversight Board announced today that the next meeting of the Standing Advisory Group (SAG) will be held on Wednesday and Thursday, Nov. 9-10, 2011.

The SAG agenda includes an update on recent PCAOB developments and the Office of Chief Auditor's standard-setting agenda. The SAG will discuss the Board's recently issued concept release on auditor independence and audit firm rotation, as well as proposed amendments for improving the transparency of audits. The Office of the Chief Auditor will provide an update on comments received regarding the Board's recent concept release and roundtable on the auditor's reporting model.

The SAG agenda also includes an update on the recent discussions of the Pricing Sources Task Force, which includes several SAG members. The task force was set up to consider the auditing of fair value of financial instruments that are not actively traded and the use of third-party pricing sources.

Additionally, the SAG also will discuss the auditor's consideration of an entity's ability to continue as a going concern, as well as year-end audit risk and financial reporting issues.

The meeting will be held at 1201 15th Street N.W., Washington, D.C. from 9 a.m. to 5:15 p.m. on Nov. 9 and from 9 a.m. to 12 p.m. on Nov. 10. It is open to the public, and will be webcast and available later by podcast. The meeting agenda and discussion document on improving transparency of audits can be found under "Event Details and Documents." Additional discussion documents will be provided when available.

The Board also announced today that it has scheduled the following SAG meetings for 2012: May 16-17 and Nov. 15-16. The agendas and meeting logistics will be announced closer to the meeting dates.

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.