The Public Company Accounting Oversight Board has created an Investor Advisory Group to solicit input from investors on how to carry out the boards responsibilities in overseeing public auditing firms.
The PCAOB is soliciting nominations for membership in the group, so the makeup has not yet been determined. However, the PCAOB said it is looking for people who represent a broad spectrum of the investment community, especially individuals who have demonstrated a history of commitment to investor protection. The group will provide views and advice to the board on broad policy issues, and members will be nominated for three-year terms. Initially the group will consist of 15 members. They will hold semi-annual meetings of a day or two in length. One of the members will chair the group, and the initial chairman will be board member Steven B. Harris.
The Investor Advisory Group will provide an additional opportunity for the board to hear from investors on a broad range of issues affecting investor protection through the oversight of registered audit firms, said PCAOB Chairman Mark W. Olson in a statement. Olson is retiring Friday, and will be succeeded by acting chairman Daniel L. Goelzer, another member of the board.
I am pleased to lead this initiative as a way to better ensure that the views of investors are carefully considered in the work of the PCAOB, said Harris.
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