PCAOB, IRS Seek Nominations For Advisory Groups

PCAOB, IRS Seek Nominations For Advisory Groups
May 5, 2008
FEI Summary

On May 5, 2008 the Public Company Accounting Oversight Board (PCAOB) announced it is seeking nominations for its Standing Advisory Group (SAG). The nominations are applicable to the 2009-2010, two-year term. A number of FEI members, including members of FEI’s Committee on Corporate Reporting (CCR) are members of the PCAOB SAG. The application deadline is June 19; further information is in PCAOB’s press release.

As noted on the SAG information page, “The SAG currently includes 36 highly qualified persons representing the auditing profession, public companies, investors, and others,” and meets in person approximately three times per year to advise the PCAOB on the establishment of auditing and related professional practice standards. The next SAG meeting will be June 25-26.

Separately, the Internal Revenue Service (IRS) announced on May 1 that it “seeks applications for its broad-based private-sector advisory panel, the Internal Revenue Service Advisory Council (IRSAC), which provides important feedback and recommendations regarding tax administration. The 30-member panel is a diverse slice of the tax professional community including tax attorneys, certified public accountants, enrolled agents, enrolled actuaries, appraisers, other tax practitioners, as well as business representatives.”

As noted in this IRSAC Fact Sheet, IRSAC is a Federal Advisory Committee, originally named the Commissioner’s Advisory Group or CAG. It was renamed in 1998 as IRSAC, and is focused on broad policy matters, reviewing existing tax policy and/or recommending policies regarding emerging tax issues.

Applications for IRSAC are being accepted until June 16 for three openings that will begin in January 2009. IRSAC terms are for three years. Additional information can be found here.

Prepared May 5, 2008 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically noted above.