PCAOB to Host Roundtable on Communications with Audit Committees, Reopens Comment Period on Proposal

The Public Company Accounting Oversight Board announced today that it will host a public roundtable regarding its proposed standard on auditors' communications with audit committees on Tuesday, Sept. 21, 2010.

In light of the roundtable, the Board is reopening the comment period on the proposal until Oct. 21, 2010.

"The Sarbanes-Oxley Act strengthens the audit committee's oversight of the audit process, and the Board’s proposal seeks to further that objective," said Daniel L. Goelzer, Acting PCAOB Chairman. "The roundtable will be designed to explore some of the key issues commentators have raised and to develop ideas on how to improve communications between the auditor and the audit committee."

The roundtable will include audit committee members, investors, auditors, issuers, and others. A link to the briefing paper for the event, "PCAOB Roundtable - Communications with Audit Committees," is on the righthand side of this page.

The meeting will be held at 1201 15th Street N.W., Washington, D.C. It will be open to the public, and also audible via Webcast on the PCAOB Web site. The list of attendees and other details will be available closer to the meeting date.

On March 29, 2010, the PCAOB issued for public comment a proposed auditing standard, Communications with Audit Committees. The comment period closed on May 28, 2010. The proposed auditing standard and the comment letters received are on the PCAOB Web site.

"The new communications framework in the proposed standard is intended to enhance the substance of the communications between the auditor and audit committee," said Martin F. Baumann, Chief Auditor and Director of Professional Standards.

Comments may be submitted by postal mail or electronic mail. Written comments should be sent to the Office of the Secretary, PCAOB, 1666 K Street N.W., Washington, D.C. 20006-2803. Email may be sent to [email protected], or from the PCAOB Web site.

All comments should refer to PCAOB Rulemaking Docket Matter No. 030 in the subject or reference line and should be received by the PCAOB no later than 5 pm (EDT) on Oct. 21, 2010. All comments will be made public.