PCAOB Seeks SAG Nominations; Olson Lauds AS5

The Public Company Accounting Oversight Board is currently accepting 15 member nominations and re-nominations for its Standing Advisory Group. The 31-member SAG is comprised of representatives from audit firms, public companies and the investment community. Appointments are for two-year terms. The audit overseer has also scheduled its next SAG meeting for June 21 in Washington. The focus of the meeting will center on interim standards and fair value. Both the SAG nomination forms and the Webcast for the June meeting can be accessed at www.pcaobus.org. In related PCAOB news, chairman Mark Olson told attendees at a governance and compliance conference late last week, that the simpler language found in Auditing Standard No. 5 on internal controls should help pare down the costs of 404 compliance. Olson said AS5, unlike its predecessor AS2, was written in English and not "audit-speak."