PCAOB Establishes Standing Advisory Group

Washington (April 16, 2004) -- The Public Company Accounting Oversight Board has formed a Standing Advisory Group to assist the board in carrying out its standards-setting responsibilities.
 
While the board’s staff will draft the standards, PCAOB Chairman William J. McDonough said that the group of experts will give its advice to the board on standard-setting priorities and the policy implications of existing and proposed standards, and will “bring a multi-disciplined perspective" to the board’s standards-setting process. The group will be chaired by the board’s chief auditor, Doug Carmichael.
 
The PCAOB said that it received more than 170 nominations. Among the 30 people chosen for the SAG are Lynn Turner, managing director of research at Glass Lewis and former Securities and Exchange Commission chief accountant; Eli Lilly & Co. chief accounting officer Arnold C. Hanish; Gerald A. Edwards Jr., associate director and chief accountant - supervision at the Federal Reserve Board; and Barbara Roper, director of investor protection for the Consumer Federation of America. Others named included partners from each of the Big Four accounting firms, BDO Seidman, Grant Thornton and Lane Gorman Trubitt.
 
The board also invited the Financial Accounting Standards Board, the General Accounting Office, the International Auditing and Assurance Standards Board and the Securities and Exchange Commission to participate as observers.
 
-- WebCPA staff