Nominations for Standing Advisory Group Now Open
The Public Company Accounting Oversight Board is seeking nominees for its Standing Advisory Group (SAG) for the 2013-2015 three-year term. The submission for nominees is until June 15, 2012.
SAG was formed on June 2008 to assist the PCAOB in carrying out its standard-setting responsibilities.
The nominations include those who have expertise in accounting, auditing, corporate finance, corporate governance, and/or investing in public companies. Additionally, PCAOB 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 important resource for the Board in identifying emerging standard-setting issues and hearing views on standard-setting initiatives from a broad range of perspectives,” said Martin F. Baumann, PCAOB Chief Auditor and SAG Chairman.
The SAG advises the PCAOB on various topics related to its standard-setting activities. Recently, the SAG provided inputs on auditing in the current economic environment; potential changes to the auditor’s report; and going concern.
The SAG currently has 42 members, with 14 members’ terms expiring in 2012. Nominations, including self-nominations, are sought annually, and may be submitted by any person or organization.
In 2004, PCAOB also invited the Financial Accounting Standards Board, the U.S. General Accounting Office, the International Auditing and Assurance Standards Board, and the U.S. Securities and Exchange Commission to sit on the advisory group as observers.
Appointments will be announced in November, and the new terms begin in January 2013.
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.
The Board established the SAG in 2003 to advise the PCAOB on the development of auditing and related professional practice standards.
The SAG consists of auditors, investors, public company executives, and others, chaired by PCAOB Chief Auditor and Director of Professional Standards Martin F. Baumann.