SAG To Discuss PCAOB Performance, Small Bus Issues Oct. 5

September 22, 2006

FEI Summary

On Sept. 21, 2006, the Public Company Accounting Oversight Board (PCAOB) announced the next meeting of its Standing Advisory Group (SAG) will be held October 5. The meeting will take place at the Army and Navy Club in Washington, D.C. and a live webcast of the meeting will be available here.

The agenda for the October 5 SAG meeting includes:

o        PCAOB Proposed Standard Setting Activities

o        PCAOB Strategic Planning and Metrics for Measuring the PCAOB’s Success (e.g., external surveys and studies showing level of investor confidence, number of lawsuits filed against accounting firms).

o        An agenda paper providing background on this issue has been posted here.

o        Smaller Company/Smaller Audit Firm Issues (including, whether PCAOB should issue separate/supplementary implementation guidance applicable to smaller issuers/smaller audit firms).

o        An agenda paper providing background on this issue has been posted here.

Prepared Sept. 22, 2006 by Edith Orenstein (eorenstein@FinancialExecutives.org), Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion, unless specifically noted above.