New PCAOB Members to Meet with Standing Advisory Group
Today in Washington, D.C., the Public Company Accounting Oversight Board’s (“PCAOB”) five new members are holding their first meeting with the board’s Standing Advisory Group (“SAG”). The meeting will give Robert Brown, William Duhnke, Kathleen Hamm, James Kaiser and Duane Desparte an opportunity to update SAG members on the PCAOB’s standard-setting activities and hear the advisory panel’s thoughts on emerging issues that may impact an auditor’s work. The two-day meeting will also feature a presentation on audit firms’ implementation of Release No. 2017-001, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion and Related Amendments to PCAOB Standards. Issued last year, the rule. Read More.
Standing Advisory Group Nominees Being Accepted
Nominations are being accepted for the 2018-2020 term of the Public Company Accounting Oversight Board’s (“PCAOB”) Standing Advisory Group (“SAG”). Announced in its June 13 press release , the PCAOB seeks candidates with accounting, auditing, corporate finance, corporate governance, or investing experience. Nominees familiar with auditing or financial reporting for broker-dealers and small public businesses are also requested. Self-nominations are also permitted. SAG nominee submissions are due by Saturday, August 12. Selected individuals will be announced in December, and will begin serving three-year terms in January 2018.
Seven Advisory Group Member Appointments Announced
Earlier this month, the Public Company Accounting Oversight Board (“PCAOB”) appointed the following new members to its Standing Advisory Group (“SAG”): Prat Bhatt; Corporate Controller & Chief Accounting Officer, Cisco David J. Middendorf; National Managing Partner – Audit Quality & Professional Practice, KPMG Karen K. Nelson; Professor of Accounting, Rice University David M. Sullivan; Deputy Managing Partner – Professional Practice, Deloitte The PCAOB also reappointed three members to the Standing Advisory Group: Peter C. Clapman; Senior Advisor, CamberView Partners, LLC Jean M. Joy; Director of Professional Practice and Director of Financial Institutions Practice, Wolf & Company, P.C. Elizabeth F. Mooney;. Read More.
PCAOB Releases Agenda Ahead of Next Month’s SAG Meeting
Announced ahead of its October 2nd event, the Public Company Accounting Oversight Board (“PCAOB”) has released the agenda for its Standing Advisory Group (“SAG”) meeting in Washington, D.C. Open to the public, the SAG meeting agenda includes panel discussions on possible changes to the standards regarding auditing estimates and fair value measurements. Featuring a panel of investors, auditors and valuation experts, the discussion is intended for reviewing challenges faced by auditors, hearing perspectives from the audit committee and investors, and insight from academic research. The meeting’s agenda also includes PCAOB and global inspection matters, developments in valuation and financial reporting frameworks. Read More.
Standing Advisory Group’s Task Force Shelved
At a Standing Advisory Group (“SAG”) meeting last month, Public Company Accounting Oversight Board (“PCAOB”) Chairman James Doty announced that the Board will no longer pursue creating a task force for identifying accounting fraud. Responding to a question concerning such efforts, Doty remarked that the PCAOB will tackle fraud through a series of outreach efforts. In this approach, Doty believes the issues can be addressed through private discussions in group settings. Originating in November 2012, the task force idea gained traction after SAG members believed it would help improve auditing practices and provide recommendations to the PCAOB. The PCAOB’s staff. Read More.
Topics: Audit, Center for Economic Analysis, financial reporting, fraud, James Doty, Marty Baumann, Office of Research and Analysis, Public Company Accounting Oversight Board "PCAOB", Standing Advisory Group "SAG", Task Force
Agenda Set for Upcoming Standing Advisory Group Meeting
Announced by the Public Company Accounting Oversight Board (“PCAOB”; “the Board”), the nonprofit organization’s Standing Advisory Group (“SAG”) will hold its meeting June 24th-25th. Chaired by the PCAOB’s Chief Auditor and Director of Professional Standards Martin F. Baumann, SAG is composed of various investors, auditors, public company executives and others. Recently published by the PCAOB, the meeting’s agenda features a discussion regarding the Board’s latest activities. SAG discussions will also be part of the meeting, including topics like: Initiatives to Improve Audit Quality–Root Cause Analysis, Audit Quality Indicators (AQIs), and Quality Control Standards; Initiatives to Improve Audit Quality—Root Cause Analysis, Audit Quality Indicators. Read More.