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Board Sets Meeting on Auditing and Related Professional Standards, Funding Rules, Ethics Code; Board Preparing for SEC Determination under Sarbanes-Oxley

Submitted by: Public Company Accounting Oversight Board (PCAOB)

Categories: Corporate Governance

Posted: Apr 15, 2003 – 12:00 AM EST

 

Apr. 15 /CSRwire/ - WASHINGTON, DC - The Public Company Accounting Oversight Board has scheduled an open meeting at 9 a.m. Wednesday, April 16, in the William O. Douglas Room at the Securities and Exchange Commission, 450 Fifth St. NW, Washington, D.C.

The Board is scheduled to consider:

-- Issuing a statement of policy on the Board's amendment of existing – and establishment of new - auditing and related professional standards, through the use of advisory groups convened pursuant to Section 103(a)(4) of the Sarbanes-Oxley Act. The board will also announce its plans for setting new standards and engaging in a comprehensive review of existing standards to determine whether they are consistent with the Board's mandate;

-- Requiring auditors to comply with existing auditing and related professional standards while this review is underway by exercising its authority, under Section 103(a)(3) of the Act, to adopt interim standards;

-- Adopting final rules on funding, which would govern the Board's allocation, assessment and collection of the Board's annual accounting support fee from public companies. The Board proposed rules on funding on March 13, 2003, and received eight written comments on the proposal. The comments are available on the Board's Web site at www.pcaobus.org. Under Section 109(g) of the Act, this fee will serve as the Board's primary source of revenue. The final rule is subject to approval by the Securities and Exchange Commission;

-- Issuing and seeking comment on a proposed Ethics Code for Board members and staff.

All Board rules are subject to approval by the Securities and Exchange Commission. Under the Sarbanes-Oxley Act, the SEC must determine by April 26 that the Board is capable of carrying out the requirements of the Act and enforcing compliance with the Act by registered public accounting firms and associated persons.

The meeting will be webcast and open to the public. Real-time and archived audio webcasts of the meeting will be accessible at www.connective.com/events/pcaob/.

The Board intends to hold a public meeting Monday, April 21, to consider final rules on auditor registration, among other matters.

PCAOB is a private, non-profit corporation, created by the Sarbanes-Oxley Act of 2002. Its mission is to protect investors in U.S. securities markets and to further the public interest by ensuring that public company financial statements are audited according to the highest standards of quality, independence, and ethics. The Board will be principally funded by fees collected from public companies.

The costs of processing and reviewing public accounting firm registration applications will be recovered from registration fees paid by those firms.

For more information, please contact:

Christi Harlan Public Company Accounting Oversight Board (PCAOB)
Phone: +1-202-207-9049
Paul Schneider Public Company Accounting Oversight Board (PCAOB)
Phone: +1-202-207-9035

 

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