PCAOB Solicits Nominations for its Standards Advisory Group
The Public Company Accounting Oversight Board (PCAOB) today announced that it is seeking nominations for the 2021-2023 term and 2021-2024 term of its new Standards Advisory Group. The deadline for nominations is June 14, 2021.
The Standards Advisory Group (SAG), established by the Board on March 29, is an 18-person expert body comprised of representatives from the investor community (five), audit professionals (four), audit committee members or directors (three), financial reporting oversight personnel (three), and academics and others with specialized knowledge (three). Nine members will be selected for the 2021-2023 term, and nine members will be selected for the 2021-2024 term. SAG Members may serve two terms. After the initial implementation, terms will be limited to two years. The Board encourages a broad range of investors to apply.
"The Standards Advisory Group will provide a key channel for the Board to obtain advice from stakeholders on important issues related to existing or future PCAOB standards," said PCAOB Chairman William D. Duhnke III. “We look forward to receiving nominations and working with SAG Members so our organization can benefit from their insights.”
The Board will select SAG Members based on nominations (including self-nominations) received. Nominees must meet the qualifications described under Article IV of the SAG charter, be willing to comport with the ethical obligations described in Article VI, and be prepared to participate actively in Task Forces.
Nomination forms are available at the following links:
- Nominee Form — to nominate yourself to serve on the SAG.
- Nominator Form — to nominate another individual to serve on the SAG.
Fourteen of the 18 positions on the SAG will be filled by the Board following recommendations made by the PCAOB’s SAG Selection and Tasking Committee. That committee is made up of representatives of the PCAOB’s Division of Registration and Inspections, Division of Enforcement and Investigations, Office of External Affairs, Office of Economic and Risk Analysis, Office of the General Counsel, Office of International Affairs, and Office of the Chief Auditor. Acting Chief Auditor Barbara Vanich will serve as the Selection and Tasking Committee Chairperson.
For audit professionals, the Board will consider nominations provided by the Center for Audit Quality, an organization that represents the public company auditing profession and that is affiliated with the American Institute of CPAs.
Appointments will be announced in early September, and the new terms will begin immediately. Meetings of the SAG are held ad hoc at the discretion of the Board or the SAG Chairperson and as needed in light of the tasks assigned to the SAG. Task Force meetings will be scheduled by the Task Force Leader as needed to accomplish the assigned tasks.
SAG membership is personal to the SAG Member, and the duties and responsibilities cannot be delegated to others. SAG Members receive no compensation for their service but may have SAG-related travel and related expenses reimbursed by the PCAOB, subject to the PCAOB’s travel and business expense reimbursement policy.
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.
PCAOB Office of External Affairs