PCAOB seeks input on plans for new advisory groups

The PCAOB said Monday it is creating two new advisory groups and inviting the public to comment on their proposed structure.

The new advisory groups are as follows:

• The Standards and Emerging Issues Advisory Group (SEIAG), which will replace the Standards Advisory Group created early last year. The SEIAG will advise the PCAOB on existing, proposed, and potential standards and may be requested by the PCAOB to provide advice on emerging audit issues.

• The Investor Advisory Group (IAG), which will work to advise the PCAOB on ways to further the public interest in the preparation of accurate, independent, and informative audit reports. The new group will provide investor perspectives on keys areas of concern and potential emerging risks affecting public company audits and related matters, such as the audits of broker-dealers.

In an effort to promote transparency and engagement around the operation of the new advisory groups, the PCAOB published a Request for Comment that outlines potential structures for the IAG and SEIAG. Accountants and other interested individuals have through Feb. 28 to submit comments.

—To comment on this article or to suggest an idea for another article, contact Jeff Drew at Jeff.Drew@aicpa-cima.com.