PCAOB Solicits Nominations for Standing Advisory Group
The Public Company Accounting Oversight Board is soliciting nominations for its Standing Advisory Group for the 2012-2013 two-year term. The deadline for submissions is June 16, 2011.
The Board is seeking nominations of individuals who have expertise in accounting, auditing, corporate finance, corporate governance, and/or investing in public companies. Additionally, the Board is seeking nominations of individuals with experience related to auditing or financial reporting related to broker-dealers and smaller public companies.
"The SAG is an integral part of the PCAOB standard-setting process. The insights and knowledge that SAG members provide are a tremendous resource to the PCAOB in carrying out its mission to protect investors," said Martin F. Baumann, PCAOB Chief Auditor and SAG Chairman.
The SAG provides input and advice to the PCAOB on a wide array of topics related to its standard-setting activities. These have included auditing in the current economic environment; potential changes to the auditor's report; and the potential auditing challenges from proposed changes in accounting standards, including accounting for financial instruments, leases, and revenue recognition.
The SAG also may be asked to comment upon the Board's ongoing projects to develop auditing and attestation standards for the audits for certain broker-dealer compliance reports. These projects follow the expansion of PCAOB oversight to include the audits of brokers and dealers that was included in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
The SAG currently has 33 members. Nominations, including self-nominations, are sought annually, and may be submitted by any person or organization. The nomination forms are available at the links below.
Appointments will be announced in November, and the new terms will begin in January 2012. Membership in the advisory group is personal to the member, and the duties and responsibilities cannot be delegated to others. In addition, members are subject to certain sections of the Board's Ethics Code, as provided in the PCAOB Rule 3700, Advisory Groups.