The Public Company Accounting Oversight Board (PCAOB) has announced the formation of a new advisory group to enhance stakeholder engagement and provide advice.
A unanimous vote approved the charter of the Standards Advisory Group (SAG), in turn forming the 18-person expert body.
Under the charter, investors will hold the most SAG seats with five, followed by audit professionals with four, and three seats each for audit committee members or directors, financial reporting oversight personnel, and academics and others.
The members will serve two-year terms on the board as it looks to expand the PCAOB’s stakeholder engagement and provide new advisory opportunities for investors and stakeholders.
William Duhnke III, chairman at the PCAOB, said: “Building on our concerted effort to improve our outreach over the last several years, we are now taking the PCAOB’s engagement to a higher level by creating a new, more effective structure for the board to receive advice from our stakeholders on key PCAOB initiatives.
“The formation of the Standards Advisory Group extends the dialogue we’ve advanced with investors and others since 2018 and gives stakeholders additional and tangible opportunities to assist the board in accomplishing its mission.”
The SAG’s main responsibilities will be to carry out specific tasks assigned by the board, with task forces central in deliberating, producing deliverables, and sharing key information on issues with the board and the public.