On Monday, the Public Business Accounting Oversight Board (PCAOB) approved the development of a new advisory group that will consist of stakeholders outdoors of the audit profession. The board unanimously authorised producing an eighteen-person specifications advisory group (SAG) that will consist of traders, audit committee customers or directors, money reporting oversight staff, and teachers.
“Financial reporting oversight personnel” are “persons who have immediate or oblique responsibility for the planning of money statements of public providers, brokers, or dealers,” the SAG constitution claims.
“Such individuals could consist of a chief government officer, president, chief money officer, chief accounting officer, controller, director of money reporting, or any equal situation.”
Among the other issues, the SAG will suggest the PCAOB on:
- Existing auditing and similar attestation specifications, high quality command specifications, ethics specifications, and independence specifications
- Proposed specifications
- Likely new or amended specifications and
- Requested issues other than specifications that are of importance