PCAOB establishes Standing Advisory Group

Internal Auditor, June, 2004 by J. Whitley

THE U.S. PUBLIC COMPANY Accounting Oversight Board (PCAOB) has formed a Standing Advisory Group to assist the board in carrying out its standard-setting responsibilities. The group of 30 individuals, selected from more than 170 nominations, is intended to bring a multidisciplined perspective to the board's process of setting auditing standards.

The advisory group includes representatives with a broad range of experience in accounting, auditing, corporate finance, corporate governance, and investing in public companies. The group will help the PCAOB review existing audit standards to identify where changes or updates are needed to improve auditing and offer advice on standard-setting priorities and policy implications. Group members were selected based on their qualifications, not the organizations they represent. Their duties and responsibilities cannot be delegated to others.

The PCAOB also invited four organizations to sit on the advisory group as observers: 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. "Although The IIA is not represented, it has a strong working relationship with various members of the group and intends to stay involved and focused on all PCAOB initiatives," says Dominique Vincenti, vice president of The IIA's Global Practices Center.

For a listing of the PCAOB's Standing Advisory Group members, visit the board's Web site, www.pcaobus.org.