The Public Company Accounting Oversight Board announced that it has scheduled a Standing Advisory Group meeting for June 12 and 13 in Washington.

The advisory group will discuss topics related to audits of internal control over financial reporting, as well as other standards-setting topics.

Specifically, the group will discuss current PCAOB activities regarding implementation of the internal control provisions of the Sarbanes-Oxley Act of 2002 and the PCAOB's Auditing Standard No. 2. In addition, the group will engage in a panel discussion about two aspects of internal control auditing in which the PCAOB may consider refinements to its auditing standard:

  • The role of company-level controls in audits of internal control over financial reporting; and,
  • The auditor's involvement in management's assessment of internal control.

The group will also hear a panel of analysts discuss their compilations of data on corporate disclosures about internal control and a panel of academic researchers discuss their analysis of research related to auditing fair value and auditors' risk assessments.The complete agenda and materials for the meeting are available at the PCAOB's Web site, www.pcaobus.org, under the standards section. The meeting is open to the public and will be Web cast.

The Standing Advisory Group -- composed of 31 people representing the auditing profession, public companies, investors and others -- meets approximately three times a year. Six organizations are also welcome to attend and speak at all meetings of the group, which usually happen three times a year.

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