I support today’s proposal for establishing a new advisory group.
Since 2018, a key strategic priority for the Board has been to be more collaborative and engaged with all stakeholders across the financial reporting eco-system.
One important step in meeting this objective was the establishment of our Office of External Affairs, with a dedicated liaison for outreach and engagement with investors, audit committee members, preparers and others.
I have participated in various panels, roundtables, and other meetings organized with these stakeholders. I have found such outreach to be instrumental in helping us better understand various viewpoints on the state of audit quality and the effectiveness of our programs. We should continue to expand these outreach efforts.
At the same time, standing up the new Standards Advisory Group (SAG) is another important way to obtain insights and advice.
The SAG will include representatives from all our major stakeholder groups, so that we benefit from a comprehensive and diverse array of perspectives to best inform our decision making.
The smaller size of the SAG will allow for more meaningful participation from each member; and the tasking approach will help ensure we receive targeted advice most relevant to the standard setting, policy and other matters we are considering.
I am eager for us to stand up the new model, and I thank the Staff and my fellow Board members from over the past three years who have helped frame out its design. I also want to thank all those who have served on our former advisory groups—for the insights they have offered, which continue to guide and inform our decision making today.
Over time, we will assess the effectiveness of the new approach, and make any necessary adjustments to ensure we receive the best advice possible to advance our mission of protecting investors.