The Public Company Accounting Oversight Board intends to host a second public meeting to elicit feedback on its proposals for mandatory audit firm rotation and auditor independence.
The PCAOB held its first public meeting in March in Washington, D.C., to talk about its controversial proposal for audit firm rotation and promised to host more meetings in other locations (see Hot Topic, Cool Talk (Mostly)). The second meeting will take place in San Francisco on Thursday, June 28.
The PCAOB issued a concept release on Aug. 16, 2011, that invited commenters to discuss measures that might meaningfully enhance auditor independence, objectivity and professional skepticism. The release included a number of questions related to mandatory audit firm term limits, such as whether the PCAOB should consider a firm rotation requirement for audit tenures of more than 10 years, or for the largest issuer audits only.
“This is a complex subject that raises important issues about how to fulfill the audit's core purpose,” said PCAOB Chairman James R. Doty in a statement. “I look forward to building upon the constructive discussion started with the comments received on the PCAOB concept release and the public meeting in Washington earlier this year.”
The San Francisco meeting will consist of panel discussions, during which panelists will be invited to present their views on the matters raised in the concept release and board members will have the opportunity to ask panelists follow-up questions. The schedule and list of panelists will be made available closer to the meeting date.
The meeting will be held at the Hilton San Francisco Financial District, 750 Kearny Street, San Francisco. It will be open to the public, and will also be available via webcast on the PCAOB Web site. A webcast of the first meeting can be viewed on the PCAOB Web site.
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