PCAOB establishes advisory group.The Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. in April convened a standing team of outside professionals to add a multidisciplinary perspective to the board's standard-setting activities. William J. McDonough
William J. McDonough, vice chairman and special advisor to the chairman at Merrill Lynch & Co. Inc. , PCAOB PCAOB Public Company Accounting Oversight Board chairman, said the advisory group will advise the board on standard-setting priorities and policy implications of existing and proposed standards. The body's 30 members--who were selected on the basis of their qualifications, not the organizations they represent--have expertise in a variety of fields, including accounting, auditing, corporate finance, corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and investing in public companies. The board also invited the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). , the General Accounting Office, the International Auditing and Assurance Standards Board and the Securities and Exchange Commission to participate as observers. The advisory group will participate in both open and executive PCAOB sessions. A roster of its members is available at www.pcaobus.org/pcaob_standing_advisory_group.asp. |
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